Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Non-Deal Roadshow (March 2022)
88 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, March 2022
Slide 1: Road Show Presentation March 2022
Road Show Presention March 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. 22 4 Financial Results Pag. 33 5 Business Plan 2022-2024 Pag. 41 6 ESG Strategy at-a-glance Pag. 66 7 Appendix Pag. 76 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 Development malls in Italy supermarkets c. €2.1bn malls in & 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 78.3% NRI 100% Italian Facility Management 15.3% NRI +Service Revenues 100% Romania 6.2% NRI 100% Development project in Trading Revenues Livorno Data exprected 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 € 1.1 Bn Mkt capitalization Average 2021 daily trading Listed on STAR Segment of as at 28/02/2022 c. 317,608 shares Italian Stock Exchange c. €497,090 mn Majority of institutional investors, of which the partici
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 Portfoglio 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 slide 25 *Not considering yearly revenues of the 6 hypermkt/supermkt sold, the proforma quota of 2021 rental income decrease
Slide 16: The disposal
The disposal The portfolio comprises 5 hypermarkets and 1 supermarkets; all the properties sold are «stand alone» 1 3 LIVORNO LIVORNO (LI) (LI) SCHIO (VI) Transaction closed in November 2021 140 mn€ Value of the sold portfolio 2 4 LUGO (RA) in line with book value at 30/06 CECINA (LI) c.115 mn€ Net
Slide 17: Hypermarket remodeling
Hypermarket remodeling - 6,050 m2 hypermkt +4,430 m2 mall (+6 stores The process of +1 medium surface hypermarket +1 restaurant) surfaces’ reduction continues, in order to adapt them to the changed needs of their catchment areas - 2,530 m2 hypermkt +2.400 m2 malls (2 medium surfaces) 17
Slide 18: Asset management ESG oriented
Asset management ESG oriented Actions in line with 2022-2024 Business Plan Revamping and decarbon Photovoltaic plant in Mantua and in Ravenna AI devices Grosseto Project launched in ESP shopping Optimisation of energy 250 KW in Mantua and 750 KW in center with «zero emission» consumption oh HVAC sys
Slide 19: Work in progress: smart working areas
Work in progress: smart working areas CENTRONOVA Former children area being transformed in smart working area 80 m2 GLA BEFORE AFTER 2Q 2022 opening 19
Slide 20: Work in progress: leisure areas
Work in progress: leisure areas CASILINO SKY PARK Rooftop being transformed to create sport facilities, children and green areas and entertainment spaces More than 2,800 m2 End of 2022 project completed 20
Slide 21: 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 22: Operating performance
3 Operating performance
Slide 23: 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 24: ...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% -19,3% -18,8% -24,3% -22,2% -34,3% -41,4% -36,0% -37,1% -40,9% -46,1% Jan Feb Mar Ap
Slide 25: Occupancy in Italy is growing again…
Occupancy in Italy is growing again… Restrictions End of restriction Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Difficulties due to C. 23k sqm restrictions in 2020 and Effective leasing activity closed beginning of 2021 C. 25k sqm re- Higher vacancy Recovery and occupancy marketed improvement T
Slide 26: …thanks to an effective leasing activity
…thanks to an effective leasing activity MALLS KEY MESSAGES 72.6%* ITALY Rental income • No changes in the contract structure: MGR and inflation rate UPSIDE FINANCIAL linked OCCUPANCY flat 95.16% • OCCUPANCY is growing Italy (+124 bps vs FY20**) Romania (+105 bps vs FY20) 6.4%* ROMANIA Rental income
Slide 27: Merchandising mix is changing
Merchandising mix is changing Services, Household goods Clothing sub-categories Clothing (with a different composition in its sub-categories) 50,2% Personal and healthcare; Electronics and Restaurants In 2021 IGD has already implementd the strategic guidelines of the 2022-2024 Business Plan 8,8% 11,
Slide 28: Focus on tenant sales Jun-Dec (2021 vs 2019)
Focus on tenant sales Jun-Dec (2021 vs 2019) HOUSEHOLD 38,4% GOODS ELECTRONICS 14,3% • Household goods, CULTURE, LEISURE, electronics and 2,0% GIFT ITEMS casual/sports wear confirm 12,1% SPORT positive trends SPORT – LARGE 8,4% SURFACES • Overall clothing decreased by -4.1%, but showing a 3,0% UNDER
Slide 29: Some of the new openings in the Italian Portfolio (1/2)
Some of the new openings in the Italian Portfolio (1/2) Category: medical center Category: restaurants Category: household goods Where: Centro Borgo (Bo) Where: ESP (Ra), Where: ESP (Ra), Le Maioliche (Ra), Puntadiferro (Fc), Tiburtino (Rm) Centro Borgo (Bo) 29
Slide 30: Some of the new openings in the Italian Portfolio (2/2)
Some of the new openings in the Italian Portfolio (2/2) Category: jewellery Category: clothing Category: electronics Dove: Katanè (Ct) Where: Fonti del Corallo (Li), Where: Tiburtino (Rm) Centro Lame (Bo), Casilino (Rm), Tiburtino (Rm), Le Maioliche (Ra) 30
Slide 31: Some of the new openings in the Romanian Portfolio
Some of the new openings in the Romanian Portfolio Leasing activity to re-let the vacancy mainly due to Covid continues Total no. of openings in 2021: 44 Proline Estet – Piatra Neamt Tendresse - Ploiesti Medair - Slatina Farmacie Dr. Max - Winiland – Ploiesti Ploiesti, Bistrita Leonidas – Ploiesti 3
Slide 32: No major problems on 2021 rents collection
No major problems on 2021 rents collection SITUATION AS OF PRINCIPLES ADOPTED TODAY* Collected c.94%** «Non essential» activities ➢ Temporary reductions and Italian deferment of payments granted Portfolio ➢ Monthly invoicing up to 3Q21 ➢ From 4Q21 back to quarterly early invoicing Collected c.96% «E
Slide 33: Financial Results
4 Financial Results
Slide 34: FY2020 and FY2021 main results
FY2020 and FY2021 main results FY 2020 FY 2021 vs 2019 vs 2020 REVENUES Rental Income €145.6 mn -6.2% €145.1 mn -0.1% Net Rental Income €109.5mn -19.8% €118.5 mn 8.2% EBITDA EBITDA (Core Business ) €99.4 mn -20.6% €107.3 mn 7.9% EBITDA Margin (Core Business) 65.4% -121pts 70.8% 540pts EBITDA Margin
Slide 35: Net rental income as at 31/12/2021
Net rental Income as at 31/12/2021 (€mn) Italy +8.1% +9.0€mn Romania +8.2% +9% Like for like Italy -2.3 €mn: Improvement of 2021 Malls (-2.4%): due to higher vacancy at the beginning of Covid impact compared to the year and recommercialization carried out in 2021 with previous year, difference effec
Slide 36: FFO FY2021: guidance exceeded
FFO FY2021: guidance exceeded Of which: +2.4 €mn financial management adj -3.4 €mn negative carry +5.4€mn +9.2% FFO FY2021: +9.2% higher than the +7/8% guidance released to the market *Change in Ebitda adj: equal to core business Ebitda adjusted by non recurring expenses Some figures may not add up
Slide 37: Net debt decrease
Net debt decrease 2020 2021 Net Debt total decrease: -168€mn NET DEBT* NET DEBT* 49.9% Loan to Value 44.8% 3.2X Interest Cover Ratio 3.3X 2.30% Average Cost of Debt 2.20% 11.7X Net Debt/Ebitda 9.2X *Net of IGD HQ leasing Some figures may not add up due to rounding. 37
Slide 38: Financial structure
Financial structure Debt Breakdown Key Metrics 31-Dec-2021 Secured Bank 23% Cash at Year End €158 mn 45% LTV 44.8% ICR 3.3x Average Cost Of Debt 2.2% Gearing Ratio c. 0.84x Market Unsecured Hedging on Long Term Debt + Bond c. 93.8% 55% 77% Rating Debt Maturity 2.25% 2.13% 7y(2) 5y (3) 2.1% 5y(1) 2.6
Slide 39: Proposed dividend
Proposed dividend The Board of Directors resolved to propose to the Shareholders’ Meeting * a dividend equal to 0.35€ per share Dividend payment date: 11 May 2022 €0.35 8.6% Per Dividend share* yield** Consistent with what IGD announced concerning the return to dividend payment, after the extraordin
Slide 40: Outlook 2022
Outlook 2022 + 9/10% OUTLOOK FFO FY2022 This outlook is based on the current market consensus which calls for growth in the main macroeconomic indicators, as well as the assumption that there will be no further resurgence of the pandemic next fall which could lead to the introduction of new restrict
Slide 41: Strategic Plan 2022-2024
5 Strategic Plan 2022-2024
Slide 42: 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 43: 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 44: …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 45: 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 46: Commercial and marketing strategy (Cont'd)
Commercial and marketing strategy (Cont’d) 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 restaur
Slide 47: 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 48: 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 49: 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 50: Restyling – Porto d'Ascoli
1 2 Restyling 3 4 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 over BP timespan 50
Slide 51: Restyling – Mantova
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 over the BP timespan 51
Slide 52: Remodeling – Gravina di Catania
Remodeling 1 2 3 4 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 52
Slide 53: Remodeling – Palermo
1 2 Remodeling 3 4 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 53
Slide 54: 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 55: Officine Storiche
1 2 3 4 Officine Storiche >20,000 m2 GLA (15,000 m2 retail, 5,600 m2 residential) 3Q2022 opening 30 shops, 1 fitness center, 10 restaurants 42 flats to be sold (22 binding proposals*) € 12.8 mn final costs *of which 18 binding preliminary agreements 55
Slide 56: Energy efficiency
1 2 3 4 Energy efficiency 7 Photovoltaic systems to be added to the 8 already existing 56
Slide 57: 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 58: Winmarkt Portfolio 2022-2024 Plan
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 59: 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 60: 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 61: 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 62: FFO and Loan to value
FFO and Loan to value FFO (€mn) Loan to Value 2021 FFO > 30% LTV Target Guidance 40/43% +7/8% C.45% E E * 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 2022 *of which -7€mn du
Slide 63: 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 63
Slide 64: 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 65: 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. 65
Slide 66: ESG Strategy At-a-glance
6 ESG Strategy At-a-glance
Slide 67: 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 68: 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 69: 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 69
Slide 70: 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 71: 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 72: 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 73: 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 74: 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 75: 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 76: Appendix
7 Appendix
Slide 77: Consolidated income statement as at 31/12/2021
Consolidated income statement as at 31/12/2021 GROUP CONSOLIDATED (a) (c) Δ FY_CONS_2020 FY_CONS_2021 (c)/(a) Revenues from freehold rental activities 133.8 132.7 -0.8% Revenues from leasehold rental activities 11.9 12.3 4.0% Total income from rental activities 145.6 145.1 -0.4% Rents and payable le
Slide 78: Funds From Operations (FFO) as at 31/12/2021
Funds From Operations (FFO) as at 31/12/2021 Δ% Funds from Operations CONS_2020 CONS_2021 Δ 2020 vs 2020 Core business EBITDA 99.4 107.3 7.8 7.9% IFRS16 Adjustmens (Payable leases) -10.3 -10.4 0.0 0.4% Financial Management Adj. -33.4 -31.0 2.4 -7.2% Current taxes for the period Adj. -0.9 -1.9 -0.9 9
Slide 79: Core business Ebitda as at 31/12/2021
Core business Ebitda as at 31/12/2021 (€mn) +7.9€mn +7.9% * ) Core businss 70.8% EBITDA MARGIN EBITDA MARGIN freehold 72.4% Some figures may not add up due to rounding. 79
Slide 80: Re-classified balance sheet as at 31/12/2021
Re-classified balance sheet as at 31/12/2021 Sources - Uses of funds (€/000) 31/12/2021 31/12/2020 Δ Δ% Fixed assets 2,093,176 2,234,484 -141,309 -6.3% Assets under construction 44,095 42,674 1,421 3.3% Other non-current assets 42,810 17,374 25,436 146.4% Other non-current liabilities -28,086 -30,37
Slide 81: 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 82: Financial management as at 31/12/2021
Financial management as at 31/12/2021 (€mn) Total Total € 36,2mn -7.2% € 33.3mn IFRS16 and non-recurring charges FY2021 Financial Mgt. Adj * : -2.4mn vs Financial management adj* 2020 (-7.2%) IFRS16 and non-recurring charges *Financial Management adj: net of IFRS16 and IFRS9 (1.2€mn), and IFRS9, non
Slide 83: More financial highlights as at 31/12/2021
More financial highlights as at 31/12/2021 31/12/2020 31/12/2021 Gearing ratio 0.84X 1.03X Average lenght of long-term debt 3.2 years 2.4 years Hedging on long-term debt + bond 93.0% 93.8% Share of M/L debt 98.3% 96.4% Uncommitted credit lines granted 151 € mn* 151 € mn Uncommitted credit lines avai
Slide 84: Contracts and key tenants Italy as at 31/12/2021
Contracts and key tenants Italy as at 31/12/2021 Malls Product Turnover N 169 N 213 N 267 N 741 TOP 10 Tenant Contracts category impact clothing 3.1% 14 clothing 2.9% 10 electronics 2.2% 8 Average residual maturity: 4.0 years clothing 2.1% 10 Total contracts: 1,390 of which 135 renewals with the sam
Slide 85: Contracts and key tenants Romania as at 31/12/2021
Contracts and key tenants Romania as at 31/12/2021 Product Turnover TOP 10 Tenant Contracts category impact Winmarkt supermarkets 11.0% 11 N 269 N 148 N 46 N 24 N 55 clothing 6.5% 6 clothing 5.3% 10 clothing 4.3% 11 drogheria 2.6% 5 drugstore 2.5% 6 health care 2.1% 4 Average residual maturity: 4.6
Slide 86: Merchandising & Tenants Mix as at 31/12/2021
Merchandising &Tenants Mix as at 31/12/2021 Italy Romania Merchandising Mix* Tenant Mix* *internal processing on GLA sqm 86
Slide 87: Italian Portfolio composition
Italian Portfolio composition* 27 gallerie commerciali 19 ipermercati Tenant degli ipermercati 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 Alle
Slide 88: 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