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Grupo Gicsa, S.A.B. De C.V.: Gicsa Announces Consolidated Results For Fourth Quarter 2018

Wednesday, 13 February 2019 08:15 PM

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

MEXICO CITY / ACCESSWIRE / February 13, 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 fourth quarter ("4Q18") and twelve months ("12M18") periods ended December 31, 2018.

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

Corporative

  • Starting the third quarter, 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. 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, 2017.
  • In November, we carried out our fifth public offering in the Mexican capital markets through our CEBURES program (local note program) denominated in investment units (UDIs) for the equivalent amount of Ps. 2.0 billion for a tenor of 7 years, at a fixed coupon rate of 8.98%.

Operational

  • GICSA reported a total of 840,477 square meters of Gross Leasable Area (GLA) comprised of 15 properties in its portfolio at the end of 4Q18. GICSA´s proportional GLA during 4Q18 was 700,836 square meters, an increase of 131 thousand square meters, 18.53% higher that the figured reported for the same period of the previous year.
  • As of 4Q18, the occupancy rate of the stabilized properties was 92.34% and 87.68% including the 5 properties delivered in 2018.
  • Average leasing rate per square meter of the stabilized portfolio at the end of 4Q18 was Ps. 377, a 2.16% increase compared to 3Q18, which was Ps. 369.
  • GICSA registered an accumulated occupancy cost of 8.11% at the close of 2018, and an increase in same-store sales of 5.70% in the same period.
  • At the close of 4Q18 GICSA had a total of 18 million of visitors in the shopping malls of the portfolio, and 70 million of visitors in 2018.

Financial

  • Net operating income (NOI) reached Ps. 691 million in 4Q18, an increase of 0.95% compared to 4Q17. Considering proforma figures for 2017 and 2018 the increase was 8.34%. GICSA's proportional NOI increased by 10.98%, excluding the impact from the restructuring, and 10.58% considering proforma figures.
  • Consolidated EBITDA was Ps. 579 million in 4Q18, a decrease of 19.47% compared to 4Q17. Considering proforma figures for 2017 and 2018 the increase was 48.49%. GICSA's proportional EBITDA increase 64.28% excluding the impact from the restructuring, and 61.96% considering proforma figures.
  • At the close of 2018, net income reached Ps. 5,286 million; while GICSA's proportional net income was Ps. 4,845 million.
  • Consolidated debt at the close of 2018 was Ps. 24,706 million; while GICSA's proportional debt was Ps. 22,055 million.

Pipeline

  • As of December 31, 2018, the commercialization of properties under development reached progress of 345,859 square meters of GLA under contract. This represents 70% of the total space comprising projects under commercialization process.
  • The properties under development registered sound construction and commercialization progress. Zentro Lomas registered construction progress of 72%; Explanda Pachuca registered construction and commercialization progress of 73% and 71%, respectively; while Explanada Culiacan registered construction and commercialization progress of 33% and 42%, respectively.

For a full version of GICSA's Fourth Quarter 2018 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

Thursday, February 14, 2018
12:00 p.m. New York Time
11:00 a.m. Mexico City Time

Presenting for Gicsa:
Mr. Diódoro Batalla, Chief Financial Officer
Mr. Luis Botello, Financial Planning and Investor Relations 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 December 31, 2018, 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) 840,477 square meters, and a Proportional GLA of 700,836 square meters. Since June 2015, GICSA is listed on the Mexican Stock Exchange under the ticker (BMV: GICSA B).

For more information

in Mexico: GICSA

Diódoro Batalla - Chief Financial Officer
Tel: 5255- 5148-0400 Ext. 4444
[email protected]

in New York:

i-advize Corporate Communications, Inc.
Rafael Borja
Tel: (212) 406-3693
[email protected]

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

Topic:
Earnings
Earnings
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