ACCESS Newswire
26 Feb 2020, 06:01 GMT+10
MEXICO CITY, MEXICO / ACCESSWIRE / February 25, 2020 / 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 fourth quarter ('4Q19') and full-year ('2019') periods ended December 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.
Main Highlights
Corporative
Reaffirming the confidence of the international markets, in December the Company carried out the placement of debt securities of approximately Ps. 11,950 million via a trust comprised of 9 properties of our stabilized portfolio and in stabilization[1], including our properties of the Malltertainment model. This is an independent vehicle non-recourse of GICSA and bankruptcy remote. In addition, we placed preferred capital instruments for Ps. 2,310 million.
In this first stage, the Company utilized approximately Ps. 9,700 million of the main instruments and Ps. 2,310 million of the other instrument, which were used to pay off the previously existing debt amounting to approximately Ps. 8,430 million. The remaining Ps. 2,250 million will be released in the subsequent nine months upon reaching certain financial metrics of the portfolio properties.
This financing offers higher liquidity and flexibility to the Company to conclude its pipeline, for the surplus amount of cash of approximately Ps. 3,500 million, and improves our debt profile since the maturity extends to 15 years, improves the schedule of capital repayments that gradually begins in the third year, and gives us certainty in our weighted fixed interest rate of 10%.
Operational
Financial
Pipeline
***
For a full version of GICSA's Fourth Quarter 2019 Earnings Release, please visit:
http://www.gicsa.com.mx/en/investors-relationship/financial-information
Conference Call
GICSA cordially invites you to its Fourth Quarter 2019 Conference Call
Wednesday, February 26, 2020
12:00 PM Eastern time
11:00 AM Mexico City Time
Presenting for GICSA:
Diódoro Batalla, Chief Financial Officer
Avril Carenzzo - Treasury and 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 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 December 31, 2019, the Company owned 16 income-generating properties, consisting of ten 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) 910,707 square meters, and a Proportional GLA of 771,624 square meters. Since June 2015, GICSA is listed on the Mexican Stock Exchange under the ticker (BMV: GICSA B).
Investor Relations Contact:
Avril Carenzzo
Tel: +52 (55) 5148 0400 Ext. 4609
Email: [email protected]
Yinneth Lugo
Tel: +52 (55) 5148 0402
Email: [email protected]
SOURCE: GRUPO GICSA, S.A.B. DE C.V.
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