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GICSA Announces Consolidated Results for First Quarter 2016

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MEXICO CITY--(BUSINESS WIRE)--

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, industrial buildings and mixed use properties, announced today its results for the first quarter ("1Q16") period ended March 31, 2016. 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:

Operational:

  • GICSA reported a total of 619,566 square meters of Gross Leasable Area (GLA) comprised of 13 properties as of March 31, 2016. The proportional GLA during 2016 was 391,134 square meters.
  • As of March 31, 2016, occupancy rate reached 90.93%, a 103 basis point increase compared to March 31, 2015. Without considering the Capital Reforma property, which is in the stabilization process, the occupancy rate would have been 94.43%.
  • Average leasing rate per square meter at the end of 1Q16 was Ps. 315, an 8.41% increase compared to 1Q15, which was Ps. 290.
  • Same-store sales rose 12.80% in 1Q16 compared to 1Q15.
  • During 1Q16, GICSA registered 16.38 million of visitors in the shopping malls of the stabilized properties, an increase of 4.22% compared to the number of visitors registered in 1Q15

Financial:

  • During 1Q16, operating income reached Ps. 920 million, an increase of 19.34% compared to 1Q15, which was Ps. 771 million.
  • Consolidated EBITDA in 1Q16 reached Ps. 672 million, while GICSA's proportional EBITDA was Ps. 414 million. EBITDA margin was 73% at the close of 1Q16.
  • Consolidated debt at the end of 1Q16 was Ps. 14,245 million, while GICSA's proportional debt was Ps. 9,806 million, resulting in a loan-to-value ratio of 28%.

For a full version of GICSA's First Quarter 2016 Earnings Release, please visit:

http://www.gicsa.com.mx/inversionistas?id=1

Conference Call
 

GICSA cordially invites you to its First Quarter 2016 Conference Call

 
Friday, April 29, 2016
12:00 p.m. Eastern Time
11:00 a.m. Mexico City Time
 
To access the call, please dial:
1-800-311-9401 U.S. participants
1-334-323-7224 International participants

Passcode: 87477

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, 2016, the Company owned 13 income-generating properties, consisting of seven shopping malls, four mixed use projects (which include four shopping malls, four corporate offices and one hotel), and two corporate office buildings, representing a total Gross Leasable Area (GLA) 619,566 square meters, and a Proportional GLA of 391,134 square meters. Since June 2015, GICSA is listed on the Mexican Stock Exchange under the ticker (BMV:GICSAB).

Forward-Looking Statements

This press release may contain forward-looking statements, and involve risk and uncertainty. The words "estimates", "anticipates", "projects", "plans", "believes", "expects", "seeks" and similar expressions, are intended to identify forward-looking statements. Grupo GICSA warns readers that declarations and/or estimates mentioned in this document, or stated by Grupo GICSA's management team, are subject to a number of risks and uncertainties that could be in function of various factors that are out of Grupo GICSA's control. Future expectations reflect Grupo GICSA's judgement at the date of this document. Grupo GICSA reserves the right or obligation to update information contained in the report or derived from it. Past or present performance is not an indicator of future performance.

For more information
in Mexico: GICSA
Diódoro Batalla, 5255- 5148-0400 Ext. 4444 / Ext. 4447
Chief Financial Officer
dbatalla@gicsa.com.mx
or
Rodrigo Assam, 5255- 5148-0400 Ext. 4444 / Ext. 4447
Investor Relations Officer
rassam@gicsa.com.mx
or
in New York:
i-advize Corporate Communications, Inc
Rafael Borja, 212-406-3693/3691
rborja@i-advize.com
or
Maria Barona, 212-406-3693/3691
mbarona@i-advize.com

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