Dial star followed by zero in case, in case you want to take the floor. Now, I'll leave the floor to Claudio Albertini, the CEO.
Thank you very much, and good afternoon, everybody. This will probably be the last conference call of 2023. The next call will take place in February 2024, when we will present the full year data. I think you'll have the document in front of you, that I'm going to illustrate. We have the usual operational highlights and financial and economic highlights. As far as the operational highlights are concerned, we are in continuity with the first two quarters of 2023, with indicators on the rise, you can tell. 6.2% in terms of tenant sales and footfalls in Italy, 5.4%. This is measured on the first nine months of 2023.
Occupancy has remained high, 95.3% in Italy, +10 basis points, while in Romania, the market stands at 97.1%. Now, on page four, as the title suggests, the revenues and EBITDA improve, and the cost of debt also increases. Gross rental income stands at EUR 105 million, +3.2% over 2022, and like for like, the growth is higher, 5%. Net rental income, EUR 88.4 million, +5.7% versus 2022, and like for like, is 8.1%. EBITDA is in excess of EUR 80 million, EUR 81 million, +6.7%, while the funds from operations has a minus sign in front, EUR 44.4 million, -11.9%, but that was expected. Back to the operating performance on page six.
I have mentioned the first two figures. I would like to highlight the good performance of our hypermarkets and supermarkets, where the growth has been as high as close to 5%. I think it's interesting to dwell on page 7, where we have subdivided by product categories. Our malls, we have clothing in our malls growing. In general, malls are growing by 6.2. This is a category that accounts for 48.7%, 6.4, clothing, as I was saying. Good performance also in two other categories.
We're talking about household goods, and the growth is as high as 7.7%, which is in line with the two years after the COVID pandemic, and also the growth of the restaurant systems, the catering activities, which grow more or less on a par with household goods, at 7.7%+. Good performance also for leisure times and culture. Personal and healthcare is also performing well, while the only negative figure is electronics, which I would like to remind you had exceptional performance during COVID and also in 2022. So this year, there's a need to reinforce the growth trends to remain in line with the past couple of years. Now, on page 8, leasing activities.
135 contracts expired in the first nine months, 6.5% of our total rent at the group level, and 93 renewals and 42 turnovers. There was an average downside by 1.4%. You needed to consider that these rents had already absorbed a growth in the first nine months over the restaurant sector. That was pretty high. Occupancy stood at 95.3%, with a 10 basis point increase over the first half of 2023. Collection rate for the first nine months is slightly higher than 94%, is in excess of 94%, but we've collected all the rents of 2022.
The big event for the quarter and, for the year to date, when it comes to IGD, after so many years of hard work, was that, we inaugurated, we opened the Officine Storiche. A new iconic destination for shopping and entertainment, a shopping center that recovered an area that had been decommissioned just, in the, city center of Livorno, Leghorn. This mall was, the result of a major renovation in the older shipbuilding site, in Livorno. Here you have a few figures. We've already opened, a good number of shops that were opening in November. Well, one has opened already, the Tonic. While Giochi Preziosi, a toy store, will open, by the end of the month, and Primark is expected to open in the second half of 2024. Some data.
Occupancy between the open stores and the pre-letting is in line with the general figure, 95%. We had an exceptional footfall number for the first four days after the opening, 110,000 people. It's an average sized city for Italy, 160,000 inhabitants. So pretty often it was the same people coming back, but it's seven people from Livorno out of ten, that in the first four days have visited this mall. Not a huge one. We have 27 shops, 27 stores, so it's an interesting result. The footfalls just stabilized in the following days. In the first 45 days since opening, 440,000 people. Leasing activities in Romania on page 11.
400+ contracts, these are shorter duration compared to Italy, 288 renewals, and 116 turnovers. In this case, there's an upside, so +2.28%. Occupancy, as I mentioned, has increased compared to the first semester, the first half of 2023 by 30 basis points. The collection rate is pretty good, 96%, and also the collection rate for 2022 was 100%. The portfolio keeps evolving. I'd like to remind you that our shopping centers are all based in the most important city centers, in the central squares, average sized cities and towns. Here you have Buzău, where there's a strong connection with the local community, because there has been a public investment on the central square. We've also added new brands recently.
We have two new entries, three gyms that opened under this international brand, i.e., Stay Fit Gym and Sinsay. Sinsay is also an international business that has become part of our portfolio in Romania. We keep devoting a lot of attention to ESG. We have three slides, which I'll illustrate briefly on the topic. We have GHG emission reduction targets which have been defined for Scope 1 and 2, and we are in the process of defining Scope 3. The goal is to obtain the SBTi certification of targets in 2024. At present, our ESG rating granted by 12 agencies, and ratings that were unsolicited, are all in line, similar to what we scored in 2022.
In addition to that, since 2023, so this year, we have become GRESB or G-R-E-S-B participant. Also, in the course of this year, we were awarded the EPRA awards for our sustainability report, for the ninth year in a row for the EPRA sBPR Gold Award, and for the sixth year in a row, we were awarded the EPRA BPR Gold Award. The portfolio. The portfolio is increasingly green. Green certified centers or BREEAM certified centers are as many as 10, 63% of the Italian malls are certified. Photovoltaic plants, there are 11 between Italy and Romania. Bear in mind that there are also 12 systems, 12 plants on the Italian hypermarket.
We produce 3,450 MWh , which accounts for 6.3% of energy produced out of the total consumed, and that benefits also our tenants. Last but not least, we wanted to showcase this pilot project, of which we have started on ESP. ESP is an important center, one of the largest in the IGD portfolio, the one in Ravenna. The site will start its journey to become zero carbon emissions, with the goal of getting there shortly. Now, let me provide more details about the financial results on page 17. You have the net rental income, net of the direct costs. We stood at EUR 88.4 million, as at the end of September, growing from EUR 83.6 million, like-for-like 8.1%.
You see a breakdown between the three most important asset classes. The malls grow by 4.7%, hypermarkets by 5.7%, and Romania by 6.1%. On page 18, you see the core business EBITDA, which lands at EUR 81 million, growing by approximately EUR 5 million compared to 2022. Driven by the rental income by EUR 4+ million. Other changes are 0.2%. EBITDA margin core business 72.9% versus 70.7%, and then 72.5% versus 75% in terms of EBITDA margin on freehold. Financial management. When we presented the guidance, the guidance was expected to be negative.
So we see a lower guidance, and the financial income increases at EUR 29.2 million because of the higher financial cost of the transactions between 2022 and 2023. This does not include, yet, the effect of the operation that is bound to be closed on the fourteenth of November, and a press release will be sent to you with the exchange swap and consent solicitation. The funds from operations. As mentioned in connection with the opening slides, it went down from EUR 50.4 million to EUR 44.4 million, despite the growth of the EBITDA by EUR 4.4 million. The financial income is reducing the benefit of this improvement. On page 21, you see the investment pipeline for the industrial plan, 2022-2024, EUR 82 million in total.
As at the 30th of September, so including 2022 and the first 9 months of 2023, we have EUR 50 million already executed with EUR 12 million. In the last quarter of this year, we will reach a total of EUR 62 million, so we are pretty well placed compared to the investment plan. In 2024, we still have EUR 20 millions to go, of which 9 are already committed. Well, EUR 11.5 million, we have a certain level of flexibility to realize them. On page 22, PFN and loan-to-value. Net Financial Position (PFN) as of 31 December 2022 , and the key financial indicators of the company, loan-to-value, interest cover ratio, and the average cost of debt compared to the previous period.
So you see, there has been an improvement quarter by quarter, as you can see here, 10, 17, 33.1. Then the cash out of EUR 33 million was also factored in, which was paid in May this year. And this leads us to a PFN that is declining, despite the fact that we paid the dividends at EUR 0.0970, with the loan to value indicator that goes up. But that is no surprise. It was already something that we had seen in the first six months. So here it goes slightly lower, and then 47.2. The ICR is lower, 2.7, so we're well above the rupture of our covenants, the breakaway from the covenants, and the average cost of debt stands now at just below 3.5%.
I meant - I made reference to the exchange offer and consent solicitation. We presented this to the market on the fifth of October, and hopefully, we've presented the rationale of this transaction pretty clearly to our bondholders. And hopefully, we've been clear, and so we can receive a positive response, but we'll know on Tuesday next week, the fourteenth of November. Now, after the assembly, which has been convened at 5 P.M., we will be sending a press release to you all. And then on page 24, you see our debt maturity. The 2024 maturities, which are in the dotted lines, are coming closer and closer, so conditional on the bondholders acceptance for the EUR 400 million, they are going to be rescheduled to 2027.
The bond is a bond that was underwritten by Pricoa, which will come to maturity in the month of November. And thanks to the fact that we've drawn a credit line that we've obtained, that we're going to draw soon to close this debt. Net of the cash that will be paid out for those who've accepted it as early birds, things will materialize in 2027. Now, these EUR 400 million, the largest chunk is a loan of EUR 215 million, with maturity in 2025. We have two renewal options in 2026 and 2027. And of course, here we've indicated 2027, the farthest maturity.
In the next two years, we'll be working in order to refinance in advance this debt stock, especially because it is a debt at rates that were decided in the context of 2022 and 2023, which is just eroding headspace from our EBITDA. So I'd like to stop here, and I'm here to take your questions. Here's the Chorus Call operator. We're going to start the Q&A session now. If you intend to ask a question, please press star and one on your phone. If you want to exit the waiting list, dial star and two. Please ask your questions using your receiver. If you intend to ask a question, dial star, followed by one now. Let me remind you that if you want to ask a question, you can dial star, followed by one on your phone.
The first question is by Simonetta Chiriotti of Mediobanca. Please. Good morning. I have a couple of questions for you. My first question has to do with the refinancing operation. I imagine that the news that you've sent to us are as much as you can tell us as of today, and I was just willing to make sure that you could not comment any further on how things are going concerning the refinancing. The second question, instead, has to do with the disposals that you haven't dealt with in this presentation. And here again, I would like to hear from you if there's anything new coming up on this front. Mr. Albertini is answering.
Well, as to your first question, this is as much as we can say.
I can confirm that, unless I reiterate that this transaction has a very clear rationale and that we are pretty confident that our investors have understood it in order to obtain a positive result, and that it was also in the press release and in my statement. When it comes to the disposals, we're working on them. It's a project that's ascending. Hopefully, we'll be able to provide good news. In recent weeks, we've heard some interest on the disposals. There's not much I can say other than this. I don't know if Roberto, who's following this firsthand, has anything to add. I don't think so. Of course, we can't provide news, any information on our negotiations. I can only tell you that we are very committed on our disposals.
We feel that IGD absolutely has to reduce its Loan to Value because it's in a high area. This morning, at the board, we have communicated the IR board report with the main comparables across Europe in our industry. We know very well that having a high Loan to Value is a problem to us. So the only way to decrease that number is to dispose of assets. We're working on it with much conviction, although it is a transaction and operation, which in the medium term, will just take away assets from us. At present, it is absolutely important to go for it. Also because we've wanted to open to the bond market in two years to refinance that debt.
And if you want to have a palatable rating and with the right indicators, all in the right place, I mean, we need to do that, and this indicator is absolutely not in the best possible position.
Now, Roberto? Yes, well, Simonetta, we're working very hard, I can confirm, on disposals, and we're very confident, and hopefully soon we'll be able to provide good news. But yes, we're working very hard on this front. And more generally, I understand you cannot give us too many anticipations, but from the point of view of the market in recent months, have you seen any improvements in terms of, of liquidity and interest rate position, or can you confirm or do you confirm that everything will stay the same and as in the last several months?
The answer is, let's say that as we've all seen on the 30 September , our transactions, I think, things were pretty, were very limited. Our hope is that we will close at EUR 5.5–6.0 billion , which is more or less half of those in 2022 in terms of transactions. The one note that may prove interesting is the generalized decline across all asset classes. While 2020, 2021 and 2022, the reduction had been mostly on the retail asset class. In 2023, it's the market is shrinking everywhere because of the high cost of debt, and so it's a problem of cash flow.
So this is all we can say, but it's what we're learning about every day, because the retail asset class is one that should be reconsidered also in light of yields and returns that are higher than those of other asset classes. This morning, ANSA, the news agency, just released this information, while a mass distribution is increasing, the online has almost come to a standstill and well has slowed down remarkably, and that is something that we should pay a lot of attention to also on the investment front, because that shows the resilience of this sector. And in the presentation, we've seen that the operating results, the operating performance is absolutely growing by all means.
So I do not expect, between now and year-end to see major transactions, but the work that we have engaged in for 2024 will bring, results, especially in our sector. I have this feeling. Thank you. The next question is from Giuseppe Grimaldi of BNP Paribas. Good morning, everyone. I have two questions, actually. The first is, if you can give us an update on, the occupancy in recent months. Is it reasonable to assume that in the last quarter of the year, the improvement will continue? And then also, can you give us, more information about the pipeline of investments that are still outstanding and that you've mentioned? Are these renewals of existing supermarkets, or is there anything else that it is worthwhile being aware of?
Well, as to your first question, I would like to ask Laura Poggi, leasing manager, to answer, and then the second will be addressed by Roberto, asset manager. Well, good morning. As you've seen, the occupancy is improving slowly but steadily. We're working on the key assets, especially on Centro Leonardo, in order to improve also the diversification of our offering. So what you see today as slightly slower in terms of vacancies is also the result of the re-leasing to add product categories that are more in line with the trends. Very soon, we'll be meeting domestic and foreign tenants, and we already have a full agenda. So we see a lot of interest in our portfolio for Italy, as well as the portfolio in general.
Not just our clothing tenants, but also other product categories are calling on us. Thank you very much. When it comes to the investments, we've notified, we have communicated about two major restyling operations, one in Portogrande, San Benedetto, which will be reopened on the 23rd of November, just before the Black Friday. It was a very important, a very, a major renovation because we reduced the hypermarket. It went from 8,000 to 4,500 square meters as a sales area, and we've added more, more surfaces with a total restyling inside and outside. And also, there's another restyling in Leonardo Imola, which we had purchased in 2018, and there, too, the renovation has taken place both inside and outside, and it will extend into 2024. What we can say also in agreement-...
With Laura, who preceded me, is that we are favoring sales side investment as well as ESG. In Livorno, you've seen that Primark will open next year, and we are working there in preparation for their opening. And also everything that we have done in Livorno, leisure side and gym side, were major investments. However, our idea is to privilege super attractive brands. Also, if it is, that means that it is necessary to invest in the shelves and cores to make them compatible with the footfalls. We've mentioned it in the three slides devoted to SG. It's very important to us that by year-end, we'll finish another photovoltaic plant in Mantua, and these investments were necessary, but at the same time, they will yield advantages immediately, especially in the relations to the with the tenants.
Because as of today, we've created a renewable plant that will help tenants to save 10%–18% on the energy cost, but most importantly, will stop the fluctuations, the swings in the trend, because the contract that we sign, we try to grant them fixed prices, and it's evident that these investments can help us, and we will favor this kind of investments in 2024, which will be the last year of the industrial plan, of the business plan. Thank you very much, says the person who asked the question. The next question, says the operator, is from Arianna Terrazzi, Intesa Sanpaolo. The floor is yours. Good afternoon, and thank you for your presentation. Sorry, we, we can't really hear you. No. The quality of your sound is very, very poor.
I connected a bit late, so maybe I didn't get that information. It's very hard for us to understand, they're saying, from the room. It might be a problem on the line or your hands-free. This is slightly better. Try again, please. Hello? We can't really hear you. It's all very blurred. Okay, maybe you can call us directly, and we can answer your questions during a call with Claudia and Raffaele, if you want. Mrs. Terrazzi, would you like to try and reconnect? Says the operator. Let's try. Now, if you let me, I can announce the next question. The next question is from the English channel from Alvaro Mata of Trea.
Hi, good afternoon. Thank you for taking my question. The first one is, in regards to the new shopping mall that you guys opened in September 18th, can you tell us what will be the incremental annual income from that center? Then I have another two questions, but I'm happy to ask them later on.
Yes, there has been an increase in income and profitability proportionately to the days and weeks. So we're not at full speed with the rentals, but proportionately to the opening, since the opening, so from late September, October and November, we've had a pretty good impact from the rentals. It's not clear to me if you also wanted to know by how much.
Yeah, I want to know what's the annual income. So let's say 2024 expectations, income from that center-
Over the year, we can assume EUR 200,000 per month. So EUR 700,000 in terms of positive impact in 2023. In 2024, everything will be at full speed, and so we'll have rentals all year round. I hope that answers your question.
Yes, okay, that, that does. Next question is about the residential units in Porta a Mare, and the total number of units is 42. You said in this release that 29 have been already sold, but this is the same number as you said in June. So I guess obviously the question is, you haven't been able to sell any, any more during the last quarter, and the question is why? And then second question on that, you said in the release that expected cash from now to year-end is EUR 7 million, and the question is, that corresponds to how many flats? Thanks.
... Could you please reiterate your last question? Because it wasn't clear at all. Because of the signal, the quality of the sound. Could you please repeat your last question?
Yeah. Okay, good. So in Porta a Mare, they have 42 residential units, and they have sold 29. In June, on the last conference call, they said they had sold 29 as well, so the same number as today, so they haven't been able to sell any more flats. I wonder why. And then in regards to that, they say that they expect to receive EUR 7 million from now until year-end, and the question is, what that EUR 7 million corresponds to?
Good evening, Alvaro. This is Raffaele Nardi speaking. That's right. So also as at the 30th of September, there are only 29 units sold. One will be sold between now and year-end, and so the total of residential areas sold at the Officine Storiche will be 30, plus two, where we have an irrevocable preliminary agreement, and the final deed will be signed at the beginning of 2024. So the balance, i.e., 10 units, we'd like to sell, at least in part, if possible, all of them, but at least in part, in 2024. Of course, there has been a slowdown, as you may have noticed, in general, across the real estate market, especially when it comes to residential units.
And also this project in Livorno started out very well because even before we had finished the renovation, we had already sold many units on paper only. With increase in loan rates, in loan interest rates, there was a slowdown, so the transactions were not many transactions were completed this year. So outstanding are 10 units out of 42, plus the 33 of Piazza Mazzini. So you can say that all in all, IGD has sold all the residential units it had built in the Livorno area.
When it comes to the 7 million, so it's the same figure as we had presented to the market in the previous quarters, precisely because we already had irrevocable purchase offers for these units, and therefore, the estimate of the previous months is still confirmed. So, the collection, amount collected, for IGD is approximately EUR 7 million for 2023.
The EUR 7 million is still due to be received before year-end, talk about?
This is Albertini. Let me add that we are above 90% of the sales. As Raffaele said, 73, the units, residential units in Mazzini, plus 42 here, so in total 115 residential units. 73 plus 32 were sold, so 105 over 115. So we're well above 90% of the units sold. The reasons for the slowdown were mentioned by Raffaele in recent months. These days, mortgage loans, especially for retail customers, has become more costly and difficult, too.
No, no, I hear you, I hear you on that. Now, the question is, you haven't answered yet, is the EUR 7 million still due to be received before year-end?
It's not to year-end. It's a total for 2023, the ones that we have signed the agreements for in the course of 2023.
Okay. And okay, next question is, assuming the exchange offer to the bondholders, that we will know the results next week, assuming that goes ahead, have the company done the calculation of what the ICR will be after that? And if they can remind me as well, what's the covenant on ICR? Thanks.
Hi, Alvaro, this is Andrea speaking. When it comes to the covenant on the ICR, the level on all the most recent transactions is 1.7, and it's calculated based on the cash, on the treasury. When it comes to the ICR at year-end, we will not be in a very comfortable position. We'll still be around 2.7, so it's a lot higher. Obviously, we'll go down in 2024, and then it will recover partially in 2025.
Yeah, I mean, the question is, if the exchange offer goes ahead, have they done the calculation of what the impact on the ICR will be?
... So I can confirm what I said before. The ICR will be around 2.7. Do also remember the structure of the exchange transactions. We have a growing coupon, a step up coupon, so the on year one, the impact on the ICR will be lower, and we structured it in this way in order to safeguard the covenant, which would appear the ones that it would be appropriate to protect.
That's fine, but, I mean, that doesn't really answer the question. I mean, the ICR is 2.7 now. Once the coupon goes from 2.125% now to 5% in a few months, that's gonna impact the ICR. So it's not gonna be 2.7, but okay, they don't want to answer. That's fine. Next question is, last conference call, they gave FFO outlook, and that was EUR 54-55 million for the year. I don't know if they have given any-
Please stop.
Guidance on FFO.
Well, you, you mentioned the covenants, and so I spoke about, I also told you that by the 31st of December 2024, it will be lower. So we expect it to be somewhere in the area of 2.1 or 2.2. Just, remember that it is, the coupon that is paid in 2022, because we'll go by treasury and not by competence. Does that answer your question now?
More or less. Did you catch my last question about FFO?
No, and please speak closer to the microphone because your sound is not good at all.
Yeah, okay. Closer is possible.
Thank you.
FFO outlook for the year?
Can you repeat your question, please?
FFO cash flow outlook for the year.
Since the sound is not good, Alvaro, please call us back after the conference or in the coming days. We are ready to provide all the necessary answers because we, we can't hear you well. The next question from the Italian channel will be asked by Arianna Terrazzi of Intesa Sanpaolo. Let me try again. Hopefully, you can hear me now. Can you? Well, there's a lot of echo, but let's, let's try. Yeah. Okay, I connected a bit late, so you may have dealt with this subject, but, I didn't hear that. Your view on the risk that certain retailers that are most attractive may ask for a reduction of their rentals to keep their costs down. Have you, pondered this possibility? Have you considered that it might be a possibility? Well, we didn't really get all the question. Oh, okay, you're talking about discounts.
Well, we're pretty flexible with our discounts, and so we use that. We've used it in 2023 with an eye to the growth in terms of inflation, but that did not prevent us from growing in terms of rent. As I told you during the presentation, our leasing division is taking care of that on an everyday basis. But let me add, says Claudia, by next year, we are thinking of reducing the reduce temporary rent concessions compared to 2023, because the fact that we expect that the ISTAT index, so that the inflation will be lower, will make it possible for us to reduce the temporary discounts. Hopefully, that answers your question.
So our view is, safer than in 2023, when we had taken more specific action in order to, avoid the full impact of inflation, and that was done on a 1-to-1 basis. In 2024, we expect the situation to improve from this point of view. Okay, thank you very much, says, Arianna. The next question is from the English Channel by Michael Tsagkajian of BNP.
Hello. Hello, hi. Could you talk more about the ICR? So you said you're guiding it to around 2.1–2.2x, and you're in 2024, and then you're saying you're expecting it to increase afterwards. What level of disposals are you factoring into that? And then the other thing, too, is that when you talked about disposals, you said we've heard of some interest.... Yeah, we're working on it with much conviction. Is there anything which has changed over the last 4, you know, say, 3-4 years when you've been trying to make disposals, which makes you think that you could be more bullish? Or is it basically you still find yourself still trying to eager to sell, but just not able to connect? Thanks. Hello?
As far as the ICR levels I mentioned before, which again, were calculated by cash by treasury, because of the covenants which are higher than those that we normally indicate in our communication periodically, they are calculated with an equal P PFN. So including the exchange operation, if it comes to an end positively, we will not consider at all the disposals for the time being. When it becomes available, we'll give you the new forecast, which will be generally we expect positive.
So I'm just really confused then. So the new one, which you're gonna have, is gonna have a higher coupon in 2025 versus 2024. So what makes you think that the ICR will go down in the, you know, as time goes on rather than the other way around? You know, what are you assuming behind that?
It is true. It's a step up. It's a growing coupon, and particularly if you've had a look at the memorandum, it will be 5.50 on year 1 and then 6.25 in 2025. Over that time period, we assume that our EBITDA will also increase, so the ICR is slightly on the improved side.
Okay. And then most of your ICR covenants is 1.7 times, right, on your bank debts?
Sorry, can you repeat your question because it was a little-
Most of your ICR, yeah, most of your ICR covenants, are they... It's 1.7 times on your bank debt.
The minimum covenant in our loans is 1.7 times, right?
Okay, great.
So-
What's the new interest rate on the loan, which you're doing, EUR 100 million?
Sorry, they were speaking at the same time.
Sure. On your EUR 100 million loan, which you've just done the private placement, what's the interest rate on that?
Sorry, what was the EUR 100 million you were referring to?
On your private placement, so slide 24.
The private placement will come to maturity on the eleventh of January 2024. And as our CEO was saying before, we are just now taking action. We are going to draw the facility that we underwrote in May to close that loan. So in 2024, that is not going to cause us any charges or costs whatsoever.
The new loan to replace it, what have you, do you have any interest term, right? Do you have any terms on that?
Yes, that loan will be of around 7%. Will be at around 7%.
Okay, great. And then, so when you talked about you've had some interest from disposals and you're working with much conviction, I don't really know how to interpret that. Are we actually... Are you seeing any increased level of confidence from being able to execute on disposals from the past?
Wait, wait, hold on. Hold on, hold on. So... We haven't considered any disposals in the, at the levels that I have mentioned now. So that doesn't factor in the disposals.
So is it just the bid office so is too wide for you to be interested? What's, you know, basically just an idea of like where you are on disposal plans. Is this just one way, you know, you're open to sell, but, you know, nothing's really in active discussions, just, you know, a little bit more would be helpful. Thank you.
Listen, Roberto Zoia, our asset manager, has already answered on this. So we have a work in progress project. We are not in a position, as of today, to provide any additional information. Hopefully, we'll be able to tell you more in the next conference call or before then, if we go for any transactions for which we will be committed and obligated to issue a press release. We're fully committed and engaged in our disposals, but we can't say more than that.
Okay. Thank you.
The next question will be from Nigar Kuzuman from Barclays.
Hi, are you able to hear me?
Uh, yes.
Yeah, so my question is regarding the refinancing. So what's the backup plan if the exchange of, and the consent solicitation process was to not go as intended, or you think there is no need to think about the backup plan?
There's always a backup plan, or maybe two or three, in every operations and transactions that we go for. As of today, we're quite confident that the transaction will be welcomed and we'll know soon, we'll learn soon, because it's going to bring to bear on November the fourteenth. It's the eighth today of November. So after 5 P.M., we will provide the results of the bondholders assembly. As of today, I can only say that we feel that our bondholders have understood the rationale of this transaction and that, accordingly, they will accept our proposal.
Yes, that's helpful. Thank you very much.
We do have a backup plan, but I can't reveal it now. I wouldn't-
No. No, I get it. I get it. Yeah. Thank you.
Let me remind you that if you intend to ask a question, you can dial star and one on your phone. Mr. Albertini, there are no questions in the queue. Very well. Thank you. As I said at the beginning, the next conference call will take place in late February, when we're going to present the full year data. And that's it. If there are any extraordinary once-off transactions for which it will be necessary to issue a press release, you will find that on our website. In any case, next Tuesday night, there will be a press release communicating, notifying the result of the bondholders assembly. Thank you very much for listening, also on behalf of the management with me. This is the Chorus Call operator. The conference is over. You can disconnect your devices.