GICSA Announces Consolidated Results for Second Quarter 2023
*MEXICO CITY, MEXICO / ACCESSWIRE / July 27, 2023 / GRUPO GICSA, S.A.B. de C.V. ("GICSA" or "the Company") (BMV:GICSA)*, 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 second quarter ("2Q23") and for the sixth month ("6M23") period ended June 30, 2023.
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*
· During this quarter, as part of the strategies being implemented to reposition GICSA for long-term success and improve its financial position, the Company undertook the following measures:
· On June 30, a fourth and final payment was received for the transaction for the sale of the Explanada Aguascalientes property, completing the transaction. The proceeds were used to partially prepay local bonds GICSA 15, GICSA 17 and GICSA 19.
*Operational*
· At the close of 2Q23, GICSA reported a total of 951,172 square meters of Gross Leasable Area (GLA) comprised of 17 properties in operation. Proportional GLA was 85%, equivalent to 812,207 square meters.
· During 2Q23, 52 commercial spaces began operations, representing 20,762 square meters within the portfolio in operation, an increase of 71% compared to the 12,151 square meters opened in 2Q22.
· During 2Q23, 83 new leases were signed, representing 20,065 square meters of the total portfolio.
· At the close of 2Q23, the occupancy rate in the total portfolio was 85%, an increase of 3% compared to 2Q22.
· At the close of 2Q23, the average rent per square meter within the portfolio in operation was Ps. 372, a decrease of 2%, compared to 2Q22, mainly due to the appreciation of the Mexican peso.
· During 2Q23, the number of visitors to the shopping malls within Gicsa´s portfolio in operation reached 20 million, an increase of 16% compared to 2Q22. The number of visitors was also 12% more than the pre-pandemic 2Q19 level.
*Financial*
· Total 2Q23 revenue after the proportional recognition of the tenant Covid-19 support program was Ps. 1,040 million, an increase of 7% compared to 2Q22.
· Consolidated and proportional NOI in 2Q23 were Ps. 840 million and Ps. 696 million, respectively, both increasing of 5% compared to 2Q22.
· Consolidated and proportional EBITDA in 2Q23 were Ps. 786 million and Ps. 642 million, increases of 3% and 2%, respectively, compared to 2Q22.
· At the close of 2Q23, total consolidated and proportional debt were Ps. 27,366 million and Ps. 25,136 million, both decreasing 3% year-over-year. Compared to 1Q23, both decreased 2% and 1%, respectively. At the close of 2Q23, consolidated LTV was 36%.
*Pipeline*
· At the close of 2Q23, the occupancy of properties under development and in stabilization (Explanada Culiacán, Masaryk 169 and Grand Outlet Riviera Maya) was 63% at 75,943 square meters.
· To date, 65 units of the Cero5Cien residential project have been sold, corresponding to 64% of the Gross Saleable Area (GSA), of which 24 units have been delivered to buyers to initiate the finishing work.
*For a full version of GICSA's Second Quarter 2023 Earnings Release, please visit:*
http://www.gicsa.com.mx/en/investors-relationship/financial-information
*Conference call*
*GICSA cordially invites you to its*
*Second Quarter Conference call*
*Friday, July 28, 2023*
01:00 PM Eastern time
11:00 AM Mexico City Time
*Presenting for G**ICSA*:
Diódoro Batalla - Chief Financial Officer
*To access the call, please dial:*
1 (877) 888 4294 U.S. participants
1 (785) 424 1881 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 June 30, 2023, the Company owned 17 income-generating properties, consisting of eleven shopping malls, five mixed use projects (which include five shopping malls, five corporate offices and one hotel), and one corporate office building, representing a total Gross Leasable Area (GLA) 951,172 square meters, and a Proportional GLA of 812,207 square meters. Since June 2015, GICSA is listed on the Mexican Stock Exchange under the ticker (BMV: GICSA B).
*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. de C.V.
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