GRUPO GICSA, S.A.B. DE C.V.: GICSA Announces Consolidated Results for First Quarter 2019

MEXICO CITY, MX / ACCESSWIRE / April 29, 2019 / GRUPO GICSA, S.A.B. de C.V. (“GICSA” or “the Company”) (BMV: GICSAB), a Mexican leading company specialized in the development, investment, commercialization and operation of shopping malls, corporate offices, industrial buildings and mixed-use properties, announced today its results for the first quarter (“1Q19”) period ended in March 31, 2019.

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.

GICSA’s financial results presented in this report are unaudited; therefore, figures mentioned throughout this report may present adjustments in the future.

Main Highlights

Corporativos

  • Starting the third quarter 2018, the results of the transaction announced in a relevant event on July 3, regarding the restructuring of our joint portfolio with a group of investors at the project level, were reflected in the Company’s results. In order to facilitate the understanding and comparability of the financial results, this report presents consolidated and proforma information. The proforma information presents the data as if the transaction had occurred on January 01, 2018, which facilitates the comparability of the information.
  • On March 2019, the Company carried out the refinancing of its local notes (CEBURES) program for a program for an equivalent amount of Ps. 2.5 billion throughout its 6th issuance with a tenor of approximately 3 years at a variable coupon rate of 28-day TIIE plus 305 basis points.

Operational

  • GICSA reported a total of 836,302 square meters of Gross Leasable Area (GLA) comprised of 15 properties in operation at the conclusion of 1Q19. GICSA’s proportional GLA was 697,219 square meters, an increase of 64 thousand square meters, an increase of 8.31% on a consolidated basis and 48.31% in GICSA’s proportional. This increase was due to the addition of 5 properties opened during 2018 as well as the restructuring of the portfolio
  • As of 1Q19, the occupancy rate of the stabilized portfolio was 93% and 90% including the 5 properties delivered in 2018
  • Average leasing rate per square meter of the stabilized portfolio at the close of 1Q19 was Ps. 380, a 5.0% increase compared to 1Q18, which was Ps. 362.
  • GICSA registered an occupancy cost of 10.55% at the close of 1Q19, and an increase of 4.70% in same-store sales in the same period.
  • At the close of 1Q19, GICSA had a total of 17 million of visitors in the shopping malls of the portfolio, an increase of 2.5% same-store properties and 27.7% compared to the number of visitors of the properties of the current portfolio compared to 1Q18.

Financial

  • Consolidated Net operating income (NOI) reached Ps. 826 million in 1Q19, an increase of 7.3% compared to 1Q18. GICSA’s proportional NOI reached Ps. 665 million, an increase of 21.1% compared to 1Q18. Considering proforma figures for 1Q18 and 1Q19 the increase was 10.6% in the consolidated NOI and 13.4% in the proportional NOI.
  • Consolidated EBITDA was Ps. 782 million in 1Q19, a decrease of 16.2% compared to 1Q18. GICSA’s proportional EBITDA reached Ps. 621 million, an increase of 4.67% compared to 1Q18. Considering proforma figures the increase was 1.34% in the Consolidated EBITDA and 1.56% in the proportional EBITDA.
  • At the close of 1Q19, net income reached Ps. 1,430 million; while GICSA’s proportional net income was Ps. 1,290 million.
  • Consolidated debt at the close of 1Q19 was Ps. 23,738 million; while GICSA’s proportional debt was Ps. 21,166 million.

Pipeline

  • On February 25, GICSA laid the cornerstone for the shopping mall, Gran Outlet River Maya, which will be part of the Malltertainment category and will add approximately 57,765 square meters to the Company’s portfolio. It is expected to be delivered on the second half 2020.
  • During the quarter, we had important openings from some of our key commercial partners in our stabilized properties. These include Grupo Inditex with 7 stores in Paseo Querétaro, and H&M in La Isla Mérida and Explanada Puebla.
  • As of March 31, 2019, the commercialization of properties under development and in stabilization reached progress of 352,576 square meters of GLA under contract. This represents 71% of the total space comprising projects under commercialization process
  • Lomas Altas (previously Zentro Lomas), Explanda Pachuca and Explanada Culiacán registered solid construction progress of 81%, 80% and 54%, respectively. We expect to open these facilities according to plan.

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For a full version of GICSA’s First Quarter 2019 Earnings Release, please visit:
http://www.gicsa.com.mx/en/investors-relationship/financial-information

Conference Call

GICSA cordially invites you to its Third Quarter 2018 Conference Call

Tuesday, April 30, 2019
12:00 PM Eastern time
11:00 AM Mexico City Time

Presenting for GICSA:
Mr. Diódoro Batalla, Chief Financial Officer
Mr. Luis Botello – Investor Relation Officer

To access the call, please dial:

1 (877) 830 2576 U.S. participants
1 (785) 424 1726 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 industrial warehouses 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, 2019, the Company owned 15 income-generating properties, consisting of nine 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) 836,302 square meters, and a Proportional GLA of 697,219 square meters. Since June 2015, GICSA is listed on the Mexican Stock Exchange under the ticker (BMV: GICSAB).

For more information

in Mexico: GICSA

Diódoro Batalla – Chief Financial Officer
Tel: 5255- 5148-0400 Ext. 4444
dbatalla@gicsa.com.mx

in New York:

i-advize Corporate Communications, Inc.
Rafael Borja
Tel: (212) 406-3693
rborja@i-advize.com

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

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