FY2020 Results presentation

• The appeal of IGD’s format confirmed: in the periods when the restrictions were eased the average ticket rose + 17%, retailers’ sales +0.3% better than in 2019[1]
• Rent collection at around 91% of net turnover in Italy and around 94% in Romania
• Financial occupancy maintained at high levels: Italy 94.3%; Romania 93.6%
• Net rental income: €109.5 million (-19.8%); FFO: €59.3 million (-28.8%). Both reflect the net direct impact of Covid-19 for €18.5 million in rent abatements of around 1.7 months’ rent, expensed entirely in the year
• Cash on hand at the end of the reporting period of around €117 million, in addition to €60 million in committed credit lines and about €151 in uncommitted lines
• EPRA NAV and NRV at €10.38 p.s. (-8.9%)

 

• With a view to reinforcing the financial structure and the investment grade profile, and as no mandatory dividend payment is required given the loss recorded in the year, the BoD has proposed that shareholders not approve distribution of a dividend for 2020;
• Mandate granted to CBRE, a premiere international advisor, for the disposal of a portfolio of stand-alone hypermarkets/supermarkets for approximately €185 million

 

[1] Figures refer to the period August – October 2020

 

 

 

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