2023 results presentation

OPERATING RESULTS CONFIRM THE APPEAL OF IGD’S SHOPPING CENTERS

• Sales for retailers in Italian malls up by 4.3% and footfalls 4.5% higher than in 2022 and well above 2019 (+6.2%)
• Occupancy high: Italy 95.3%; Romania 96.2%
• Net rent collection in FY2023: around 97% in Italy; around 98% in Romania

 

ECONOMIC RESULTS EXCEED EXPECTATIONS

• Net rental income: €6 million (+4.9% vs 2022; +7.1% like-for-like)
• Core business Ebitda: €108.2 million (+4,6% vs 2022); Ebitda margin 72.1% (+50 bps vs 2022)
• FFO: €55.4 million; higher than the guidance communicated to the market last 14 November

 

BALANCE SHEET IMPACTED BY HIGHER INTEREST RATES

• Market Value of the freehold portfolio down 5.4% (€1,968.1 mn)
• Net Initial Yield topped up: Italy 6.4% (+50bps); Romania 6.9% (+40bps)
• LTV at 48.1%, an increase attributable entirely to decreases in fair value
• LTV pro forma (which includes the impact of the divestment transaction disclosed on 23 February) at around 44.4%
• EPRA NRV comes to €9.22 p.s. (-10.3%)

 

THE STRONG COMMITMENT TO ESG ISSUES AND ACHIEVEMENT OF 2024 GOALS CONTINUES

• 8% achievement rate of ESG targets
• CO2 emissions per square meter down 22% compared to 2018
• 4 new photovoltaic systems installed, 1 in Italy and 3 in Romania

 

 

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