FY 2022 Results Presentation

SOLID OPERATING RESULTS

• Retailers’ sales at Italian malls grew 13.3% and footfalls were +6.9% higher than in 2021; sales exceeded 2019 (+0.7%)
• Upside on new leases: +1.1% Italy; +1.8% Romania
• Occupancy higher: Italy 95.7% +50bps; Romania 98.0% +340bps
• Net rent collection FY2022: Italy 96%; Romania c. 97%

 

ECONOMIC-FINANCIAL INDICATORS UP

• Net rental income: €114.0 million (+5.3% vs 2021 restated [1]; +7.1% like-for-like)
• FFO: €67.2 million, +3.8%; higher than the guidance

 

FINANCIAL STRUCTURE HOLDS WELL 

• Net financial position lower by €10 mn at €977 mn
• Market Value of freehold properties -2.8% at €2,081 bn
• Loan-to-Value 45.7% (44.8% in 2021) due to the decreases in fair value
• EPRA NRV at €10.28 per share (-5.3%)

 

ESG FACTORS AN INTEGRAL PART OF THE CORE BUSINESS

• CO2 emissions 10% lower than in 2021
• 2 new assets in Italy BREEAM In-Use certified (a total of 10 centers have now been certified)
• 2 agreements signed for the installation of solar energy systems in 2023; the first system installed in Romania

 

2022 DIVIDEND

• Dividend of €0.30 euro cents per share proposed for a pay-out ratio on FFO of 49.3% and a dividend yield of 10,9%[2]

[1] 2021 restated: restated to take into account the disposal of the portfolio of hypermarkets and supermarkets and termination of the masterlease

[2] Calculated based on the closing price at 22/02/2023

 

 

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