GICSA Announces Consolidated Results for First Quarter 2022

MEXICO CITY, MEXICO / ACCESSWIRE / April 26, 2022 / GRUPO GICSA, S.A.B. de C.V. ("GICSA" or "the Company") (BMV:GICSAB), a leading Mexican company specializing in the development, investment, commercialization, and operation of shopping malls, corporate offices, and mixed-use properties, announced today its results for the first quarter ("1Q22") period ended March 31, 2022.

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 and therefore may be subject to adjustments in the future.

Main Highlights

Corporate

• Derived from the efforts carried out to confront the negative effects and consequences generated by the pandemic and the upcoming maturities of corporate loans, during this quarter, the Company achieved significant progress that will support to reposition the Company for the long term, reducing debt levels and improving its financial position.
  • On February 14, 2022, at the Bondholders' Meeting of the local bonds issued under the trading symbols GICSA 16U and GICSA 18U, with the full support of the bondholders, certain resolutions were approved regarding extensions of maturity, modifications from Investment Unit (UDI) to Mexican Peso, interest rate and interest capitalization.
  • On March 23, 2022, at the Bondholders' Meetings of the local bonds issued under the trading symbols GICSA 15, GICSA 17 and GICSA 19, the holders unanimously approved resolutions regarding extension of maturity, modifications to fixed interest rate, interest capitalization, as well as strengthening the debt structure with the granting of collaterals and sources of payment with the sale of non-strategic assets.
  • Additionally, on April 21, 2022, the Company completed the sale of Lomas Altas Parque Corporativo, a property intended for corporate office use, for approximately Ps. 1.3 billon. These proceeds will be used to improve the Company's debt profile.

Operational

• At the close of 1Q22, GICSA reported a total of 980,643 square meters of Gross Leasable Area (GLA) comprised of 18 properties in operation. Proportional GLA was 86%, equivalent to 840,933 square meters. This represented increases of 2% in total GLA and in proportional GLA, compared to 1Q21.
• During 1Q22, 35 doors were opened for new contracts (4,211 square meters) in relation to the portfolio in operation, an increase of 6% compared to 1Q21.
• During 1Q22, 60 new doors were signed (20,045 square meters) in the portfolio, an increase of 30% compared to 1Q21.
• At the close of 1Q22, the occupancy rate of the stabilized portfolio was 88%, and 83% of the portfolio in operation. The adjusted occupancy rate of the stabilized portfolio was 84% and 79% of the portfolio in operation.
• At the close of 1Q22, the average rent per square meter of the stabilized portfolio was Ps. 380 and Ps. 378 of the portfolio in operation, both increases of 1% compared to 1Q21.
• During 1Q22, the number of visitors to properties within the commercial portfolio in operation reached 14 million, an increase of 43% compared to 1Q21. However, this only represents 87% compared to the visitors during 1Q19, before the pandemic.

Financial

• Total revenue after the proportional recognition of the tenant Covid-19 support program was Ps. 963 million in 1Q22, an increase of 5% compared to 1Q21.
• Consolidated and proportional NOI in 1Q22, were Ps. 795 million and Ps. 670 million, respectively, both increases of 5%, compared to 1Q21.
• Consolidated and proportional EBITDA in 1Q22, were Ps. 833 million and Ps. 708 million, respectively, increases of 12% and 14%, compared to 1Q21.
• Consolidated and proportional financial debt at the close of 1Q22 were Ps. 29,134 million and Ps. 26,630million, respectively, increases of 5% y 6%, compared to consolidated debt in 1Q21. Consolidated LTV was 38%.

For a full version of GICSA's First Quarter 2022 Earnings Release, please visit: http://www.gicsa.com.mx/en/investors-relationship/financial-information

Conference Call

GICSA cordially invites you to its First Quarter 2022 Conference call

Wednesday, April 27, 2022
11:30 AM Eastern time
10:30 AM Mexico City Time

Presenting for GICSA:
Mr. Isaac Cababie, Deputy Executive Director
Diódoro Batalla - Chief Financial Officer

To access the call, please dial:
1 (877) 830-2597 from within the U.S.
+1 (785) 424-1744 from outside the U.S.
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, 2022, the Company owned 18 income-generating properties, consisting of eleven shopping malls, five mixed use projects (which include five shopping malls, five corporate offices and one hotel), and two corporate office buildings, representing a total Gross Leasable Area (GLA) 980,643 square meters, and a Proportional GLA of 840,933 square meters. Since June 2015, GICSA is listed on the Mexican Stock Exchange under the ticker (BMV:GICSAB).

Investor Relations Contact:
Claudia Chávez
Tel: +52 (55) 5148 0400 Ext. 4609
Email: cchavez@gicsa.com.mx

Yinneth Lugo, IR
Tel: +52 (55) 5148 0402
Email: ylugo@gicsa.com.mx

SOURCE: GRUPO GICSA, S.A.B. DE C.V.