MEXICO CITY, MEXICO / ACCESSWIRE / April 28, 2021 / GRUPO GICSA, S.A.B. de C.V. ("GICSA" or "the Company") (BMV:GICSA), a Mexican leading company specialized in the development, investment, commercialization and operation of shopping malls, corporate offices, and mixed-use properties, announced today its results for the first quarter ("1Q21") period ended March 31, 2021.
All figures have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in millions of Mexican pesos (Ps.).
GICSA's financial results presented in this report are unaudited; therefore, figures mentioned throughout this report may present adjustments in the future.
Main Highlights
Corporate
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Aligned with our policy to preserve liquidity, on March 25, the local bondholders' Meeting identified with the ticker symbol GICSA 17 took place. In this Meeting the following resolutions were approved, among others: defer the maturity of the issuance to December 2023, the amortization of the principal for Ps. 150 million carried out in April 2021, incremental interest rate starting with 50bp in April 2021 and an additional step-up of 50bp in January 2023, quarterly amortizations stating in July 2022, and modifications related with certain obligations.
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During 1Q21, we signed 87 agreements under the Covid-19 support program for tenants for approximately Ps. 81 million in credit notes.
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According to IFRS 16, in 1Q21, Ps. 75 million were recognized in the income statement. The remaining balance is maintained in the financial position statement and will be gradually amortized according with the remaining term of each contract.
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With these agreements we were able to recover 68% of collections in 1Q21. The recovery rate in offices was 79%, while in shopping centers it was 62%.
Operational
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GICSA reported a total of 965,360 square meters (m²) of Gross Leasable Area (GLA) comprised of 17 properties in operation at the close of 1Q21. GICSA´s proportional GLA was 86% equivalent to 826,146 square meters. This represented an increase of 6% of total GLA and 7% of proportional GLA, compared to 1Q20.
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During 1Q21, we opened 33 new doors (8,587 square meters) corresponding to the portfolio in operation, a decrease of 8% compared to 1Q20.
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During 1Q21, we signed 46 contracts (7,153 square meters) corresponding to the portfolio, a decrease of 4% compared to 1Q20.
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As of 1Q21, the occupancy rate of the stabilized properties was 87%, and 85% of the total portfolio.
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As of 1Q21, the renewal rate of the stabilized portfolio was 96%.
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As of 1Q21, the average rent per square meter of the stabilized portfolio was Ps. 376, and Ps. 374 in the total portfolio, a decrease of 4%, compared to 1Q20.
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As of 1Q21, lease spread of the shopping malls corresponding to the stabilized portfolio was 4%.
Financial
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Fixed rental revenues in 1Q21, after the proportional recognition of the Covid-19 support program, was Ps. 666 million, a decrease of 18% compared to 1Q20.
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Total revenue in 1Q21, after the proportional recognition of the Covid-19 support program, was Ps. 919 million, a decrease of 21% compared to 1Q20.
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During 1Q21, corporate and operating expenses were Ps. 211 million, which represents a savings of 38% compared to 1Q20.
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Consolidated and proportional NOI in 1Q21, after the proportional recognition of the Covid-19 support program, was Ps. 760 million and Ps. 637 million, respectively, a decrease of 20% and 18%, respectively, compared to 1Q20.
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Consolidated and proportional EBITDA in 1Q21, after the proportional recognition of the Covid-19 support program, was Ps. 747 million and Ps. 623 million, respectively, a decrease of 15% and 11%, respectively, compared to 1Q20.
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Consolidated and proportional debt at the close of 1Q21 was Ps. 27,683 million and Ps. 25,168 million, respectively, a decrease of 7% and 5%, respectively, compared to consolidated debt in 1Q20. Consolidated LTV was 37% in 1Q21.
For a full version of GICSA's First Quarter 2021 Earnings Release, please visit:
http://www.gicsa.com.mx/en/investors-relationship/financial-information
Conference Call
GICSA cordially invites you to its First Quarter 2021 Conference call
Thursday, April 29, 2021
12:00 PM Eastern time
11:00 AM Mexico City Time
Presenting for GICSA:
Isaac Cababie - Deputy Executive Director
Diódoro Batalla - Chief Financial Officer
To access the call, please dial:
1 (877) 830 2596 U.S. participants
1 (785) 424 1744 International participants
Passcode: 44272
About the Company
GICSA is a leading company in the development, investment, commercialization and operation of shopping malls, corporate offices and mixed used well known for their high-quality standards, which transform and create new development spaces, lifestyles and employment in Mexico, in accordance to its history and executed projects. As of March 31, 2021, the Company owned 17 income-generating properties, consisting of eleven shopping malls, five mixed use projects (which include four shopping malls, four corporate offices and one hotel), and one corporate office building, representing a total Gross Leasable Area (GLA) 965,360 square meters, and a Proportional GLA of 826,146 square meters. Since June 2015, GICSA is listed on the Mexican Stock Exchange under the ticker (BMV:GICSAB).
Investor Relations Contact:
Diódoro Batalla, CFO Yinneth Lugo, IR
Tel: +52 (55) 5148 0400 Ext. 4444 Tel: +52 (55) 5148 0402
Email: dbatalla@gicsa.com.mx Email: ylugo@gicsa.com.mx
SOURCE: GRUPO GICSA, S.A.B. DE C.V.
View source version on accesswire.com:
https://www.accesswire.com/643164/Grupo-Gicsa-SAB-de-CV-Gicsa-Announces-Consolidated-Results-for-First-Quarter-2021
