Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Q1 2022 Earnings Presentation
29 slides from Immobiliare Grande Distribuzione Siiq's earnings presentation, May 5, 2022
Slide 1: Results Presentation at 31/03/2022
Result Presentation at 31/03/2022 Conference call 5 May 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 Rental Income Net Rental Income 33.9€ mn 28,7€ mn -7.6% +9.6% (due to change in real estate perimeter) Core business Ebitda Funds From Operations (FFO) 26.1€ mn 16.7€ mn +10.0% +20.7% 3
Slide 4: Operating Performances
1 Operating Perfomances
Slide 5: Performances in Italian malls in 1Q
Performances in Italian malls in 1Q… Reducing but still Omicron peak significant infections Ukraine war and its (>4.7mn people 24/02 outbreak of macro economic impacts infected) Ukraine war Δ 2022/2019 January Febraur March Tot 1Q y April TENANT SALES -12.8% -1.7% -6.4% -7.9% -22.2% -19.3% -20.4% -2
Slide 6: ..and commercial performances
..and commercial performances 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%
Slide 7: 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 Collected c.98% Collected c.90% Strengthned measures to contain energy consumpt
Slide 8: 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 9: 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 10: New marketing initiatives: communications in the shopping centers
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 10
Slide 11: Innovative 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 12: Sustainability: new awards and ongoing projects
Sustainability: new awards 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 4
Slide 13: Financial Results
2 Financial Results
Slide 14: Net rental Income (€mn)
Net rental Income (€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% +2.5€mn • +0.2 cost of sold portfolio Romania +5.2% +9.6% Like for like Italy +0.1 €mn: Total change in direct costs 5.3€mn Indexation for approx. 560 bps (approx. 0
Slide 15: Core business Ebitda
Core business Ebitda (€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% 15 Some figures may not add up due to rounding.
Slide 16: FFO
FFO 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% Higher leasehold rents due to Of w
Slide 17: Financial Structure
Financial Structure 31/12/2021 31/03/2022 LTV 44.8% 44.3% • LTV is decreasing by 50 pp vs 31/12/21 ICR 3.3X 3.5X • Net debt is improving (-11€mn vs FY21) Average cost 2.20% 2.16% of debt Net Debt 31/03/22 Debt Breakdown* 976.34€ mn** *Debt calculated excluding IFRS16 effect **Net Debt including IFRS
Slide 18: Debt maturity
Debt maturity €100mn: 2.25% 7y €400mn: 2.125% 5y 2.1% 5y* 2.65% 7y Bond repaid on 21 April 2022 *rate and duration refers to 200€mn loan 18
Slide 19: Agenda
Agenda CORPORATE IR (confirmed as of today) 4 August Results as at 30/06/2022 18 May Italian investment conference 2022 – Unicredit, Kepler Cheuvreux 3 November Results as at 30/09/2022 6–8 Italian Sustainability Week Borsa September Italiana 11 October Italian Excellences 2022 – Paris Intesa Sanpao
Slide 20: Allegati
3 Allegati 20
Slide 21: Consolidated Income Statement
Consolidated Income Statement 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 0.0 0.0 0.0% Dir
Slide 22: Funds From Operations (FFO)
Funds From Operations (FFO) 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. Current taxes for
Slide 23: Re-classified balance sheet
Re-classified balance sheet 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 1.1% Assets hel
Slide 24: Financial Management
Financial Management (€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 recurring charge
Slide 25: More financial highlights
More financial highlights 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 availables 151 € mn 15
Slide 26: Contracts and key tenants Italy
Contracts and key tenants Italy Product Turnover Malls TOP 10 Tenant Contracts category impact N 256 N 730 N 198 N 207 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 tenant and 20 sig
Slide 27: Contracts and key tenants Romania
Contracts and key tenants Romania 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 maturity: 3.8 yea
Slide 28: Merchandising & Tenants Mix
Merchandising & Tenants Mix Italy Romania Merchandising Mix* Tenant Mix* *elaborazione interna su metri quadrati 28
Slide 29: 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