Results presentation as at 30 June 2021

• Strong rebound in June, first full month without restrictions, which confirms the validity of the business model: retailers’ sales +0.3%, average ticket +20.3% and 85% of footfalls recovered vs June 2019
• Rent collection 1H 2021: in Italy around 83%[1]; in Romania around 93%
• Financial occupancy higher vs FY 2020: Italy 95,3%, +100bps; Romania 94.3%, +70bps
• Net rental income: €55.5 million (-1.4%); FFO: €30.6 million (-6.8%). Both reflect the net direct impact of Covid-19 for €7.8 million[2]
• Loan-to-Value falls to 49.1%; cash generation reaches €20 million in the half
• EPRA NRV of €10.56 per share (+1.7%)
• Market value of freehold properties: €2,267.88 million (lfl Italy +0.10%; lfl Romania -0.8%)
• FY FFO guidance revised upward to +7/8% (compared to +3/4%)

 

[1] % of turnover net of rebates and credit losses

[2] Includes temporary rebates of €0.3 mn, credit losses of €7.4 mn, net of lower rents payable

 

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