This is, of course, operator. Welcome to the conference call presenting IGD's 2022 full year results. Let me remind you that all participants are in listen-only mode. After the presentation, a Q&A session will be held. To be assisted by an operator during the conference call, press star and zero on your phone keypad. Let me now turn the conference over to Mr. Claudio Albertini, CEO of IGD. Sir, you have the floor.
Good afternoon to all of you. I am connected from IGD's headquarters. As always, I have colleagues with me who will step in in case we need them on specific questions so that we can provide you with the necessary answers. I am sure you've all received the documentation, the presentation, and the press release. Let me start with the presentation. It's 2022 full year. We start from page 3. Here, we start with very important messages, especially as far as the headline is concerned. That is to say our business model is confirmed to be viable and up-to-date, and this is proven by the results we have achieved. The operating results, we'll give you more details about them in the following slides. Tenant sales in 2022 versus 2021 grew strongly in excess of 13.13%. We have run a strong leasing activity with new stores open, 173 new stores opened, and that applied for Italy and Romania, respectively, 1.1% in Italy and 1.8% for Romania.
Higher occupancy rates, slightly higher in Italy, 95.7% versus full year 2021, and Romania, 98%, where we see a stronger increase in excess of 5 basis points versus June the third year. Let's now move on to page 4 of the presentation. You see financial highlights for the year are as follows. Net rental income is growing versus the restated figure. As you can see, as we did before over the year, we give a comparison with full year 2021 and also versus 2021, but net of the disposed portfolio, stripping off the disposed portfolio. As you know, we disposed of a hyper and supermarket portfolio that had an impact. Net rental income declined in absolute terms, but grow with the restated figures and also on a like-for-like basis.
Core business EBITDA, EUR 103.4 million, down 3.6% full year. Up 6.5% restated. Profit from operation landed at EUR 67.2 million, up 3.8%. Higher than the higher part of the guidance. In August, if you remember, we gave you a guidance that was reconfirmed in the press release January the 26th, a couple of months ago. The guidance was 2%-3%, and the final figure is the 3.8%. Again, we're giving you the restated figure, and the restated figure will be up 18.9%. The real estate portfolio market value was EUR 2.081 billion, down 2.8%.
There again, we gave you ample disclosure on the 26th of January in our press release as we advanced the fair value valuation data as at end of December 2021. EPRA NRV landed at EUR 10.28 per share, down 5.3%, the decline mainly driven by the change in fair value. Going back to our tenant sales or tenant performance, it's up 13.3%, 2022 versus 2021. It's up 7.7% versus 2019. If we take into account the time span between June and December, the tenant sales went up 2.1%. It's 2022 versus 2019. In Q1 2022, we did not do very well.
Our tenant sales were down 7.8% versus 2019. It recovered quite nicely in the following quarters, up to 0.7% per year versus 2019, with a more marked growth in the second half of the year. Let me give you a small piece of information. This growth trend went on in January this year as well, where we can reconfirm this growth in tenant sales. January, the turnover was up 18%. The year was started well, started really nicely. Footfalls, always a comparison with 2021, were roughly at 7%. They were declining versus 2019, down 17.1% versus 2019. Hypermarkets and shopping malls. People tend to go less. They have more targeted visits, and maybe they buy more.
Hypermarkets, again, they went up 2.5% between 2022 and 2021, and they reconfirmed the attractiveness of our business model, of the way our shopping malls are set up with both shopping mall and hypermarket. Let me move on to page 7 in the presentation. All product categories have grown in different ways, of course, versus 2021, and sometimes also versus 2019. Very positive result, very positive outcome was the performance of restaurants, which during the pandemic had a very negative performance. Personal and healthcare, household goods, they are performing well, and this is a confirmation of things going well throughout 2022. Let me stress the performance of clothing, which for us still accounts for about 50% of our total merchandising mix.
Electronics, apparently, they are last in the queue, but please remember that in 2020 and 2021, they grew very, very strongly because people used to buy, if they have to stay at home or smart work or work remotely, they have to buy electronics. It's still growing, but not at the same pace as it did over the previous two years. Let me now move on to page eight. Occupancy is up 50 basis points in Italy with an upside of 1.1%, with just over 170 renewed or turnover contracts. The collection rate is 96%. We have 104 new stores, of which 35 with new brands, and this is the highest figure in the last five years.
In Romania, we did even better. Occupancy landed at 98%, starting from below 95% end of 2021. Here again, they recovered nicely versus H1 because of course, they had fit out going on. They landed at 98%. Upside is slightly better than the one we are for Italy, it's up 1.8%, and also the collection rate is better, landing at 97%. We have 69 new stores, of which 42 are new brands. As to the hypermarket remodeling project or downsizing of hypermarket surfaces, you know this is a topic we are at heart, it has been for a few years now. During 2022, we engaged in 3 remodeling projects, and they are shown on the slide.
All three, we have the hypermarket, reference hypermarket are open in Palermo and Catania. There was a change in the brand naming, in the signage. For medium surfaces coming from hypermarket downsizes were fully let in San Benedetto del Tronto, whilst for the La Torre Palermo and Katané Catania , we are still marketing the medium-sized surfaces that we got from the downsizing, and we have about 70% pre-letting done already. On page 11, we are at the Porta a Mare project, Livorno. We focus on leasing activities. We've achieved more than 80% pre-letting, and we had a very nice initiative in October last year. We organized an open day devoted to both institutions and citizens of Livorno, and I think a lot of interest was raised when it comes to this location.
Let's move on to page 12 and 13. We keep on focusing on our digital strategy as well, that we started in 2020 with a digital market plan, marketing plan, that was then followed up in 2021 with a CRM, a customer relationship management system that was implemented. In 2022, we had a new touch point, AreaPlus, more contacts in our CRM system. We're also witnessing a very positive trend, a very positive performance in our innovative co-marketing project that is running between Coop Alleanza and IGD in shopping malls where we have an Ipercoop managed by Coop Alleanza.
In 12 of these shopping centers, in the months after the initiative, we have witnessed a strong increase in sales, much higher than in the 17 shopping centers that were not involved in the co-marketing project as Coop Alleanza was not available, didn't have a franchise in the shopping mall. Then, in March, we finally had new events in presence. Here you see pictures. These are in-person events. We organized 531 of them. We really focus on this because they attract visitors, and we are back to levels that are in line with the pre-COVID ones. More than 520 in our portfolio is really a major commitment. As to the sustainability report, I'll quickly run through it.
In the next few days, you will see published on our website our sustainability report. Here you see some of the objectives, some of the targets we have achieved in 2022 in the 5 pillars, green, responsible, ethical, attractive, and together. In 2022, our sustainability report, it's 3 years in a row that it's also approved. It's approved by the board. I think it's the fourth year in a row or maybe more. It's the 13th sustainability report we have issued. We started in 2010, and every year we've raised the bar, so to say. Here are some of the results we have achieved. They were mentioned all in the business plan. We mentioned 41 different of goals and objectives, where we've almost implemented 50%.
page 16, some more figures of our sustainability report. Greenhouse gas emissions. Over the last 5 years, starting from 2018, we have decreased emissions coming from fuels, district heating, electricity. We've declined them by 26.2%. In Romania, again, we are pursuing our sustainability policy. It's one of the largest shopping malls in Ploiești, BIG. In 2023, we're going to install 4 more plants together with this one, which is a photovoltaic energy system. We have the same focus in Romania too. Our portfolio, we've provided broad disclosure in our press release following our extraordinary board on January the 26th, 2023. Here we have a breakdown between malls, Italy, Romania, the Porta a Mare project, and further developments.
Total IGD's portfolio went down 2.78%, and together with the leasehold properties and our minority stakes in the Giustiniano real estate fund, takes our portfolio to EUR 2.131 billion versus EUR 2.198 billion we had last year. The decline is mainly driven by the change in fair value. As you see on page 20, we start from EUR 2.140 billion to land at EUR 2.080 billion. We have leasehold, we have real estate stakes, and then CapEx were accounted for in our P&L. We have change in fair value for the Italian portfolio. We have CapEx for Porta Medicea is EUR 13.5 million. Change in market value of Porta Medicea, down EUR 27 million.
Projects and CapEx in Romania, EUR 1.4. Today, the Romanian portfolio is about EUR 128 million. The shopping malls, Italy, and the hypermarket asset class is below 20%, slightly above EUR 400 million. The malls were EUR 1,481 million, 69.2%. Let's move on to page 21, the main items in our pipeline. Our business plan envisaged EUR 82 million investments within the scope of the business plan. EUR 35 million were invested in 2022, EUR 32 million are expected for 2023, here we see both committed investments and non-committed ones. The committed ones, we have work in progress, it's not deferrable, and we have the non-committed ones, so theoretically, they could be deferrable.
That gives us, as you see in the third bullet point, more flexibility in what we will do going forward. We will evaluate that on a project-by-project basis, and we'll see whether or not we shall engage in that non-committed pipeline or not. The primary objective, of course, is to go ahead with it, but it will depend on market conditions as well. Other than the Porta Medicea project, IGD does not have, as you all know, any other development projects that are comparable. Here are some investments for restyling carried out in 2022. This is Mantova. The
Shopping center that has been completely restyled, in terms of the hypermarket, which was remade, redone by Coop Alleanza, as well as the mall, where we implemented LED lighting, highly energy efficient, of the highly energy efficient type, photovoltaic panels, and more. This is a center which is dominant in the Mantova province. The other project is the Porta a Mare project. Our focus on the flats and the apartments, we're pretty happy. Out of 42 total flats. Well, the 73 flats of the Martini part were sold entirely. Out of the 42 units here, 17 have been sold with a final deed. Well, actually 32, the cash flow in 2022 for 17 units sold is EUR 7 million approximately.
Those with the under binding proposals will be almost as high. Other units will be sold in the course of the time, and we will recover a good proportion of the capital invested. Page 24, two major restyling projects, one that will unfold during 2023 in Imola. This is a dominant, let's say the incumbent center in the Imola area. It requires a far-fetched restyling. The work is expected to happen by the end of 2024 at PortoGrande. Construction work has already started. It is forecasted to come to an end by the end of this year. Let's fast-forward. In the coming slides, you will find a comparison, as with the highlights in absolute terms, as well as net of the portfolio that we became divested in.
We stand at EUR 108.3 million for. We grew by 5.3%, while in absolute value, that is restated, of course. In absolute terms, it says here, when it comes to EBITDA, the restated figures are EUR 97.1, which leads us to a closure at EUR 103.4, 6.5% growth. The core business growth is 0.8 percentage points, and the EBITDA margin freehold will grow as well. Financial management, we are on page 28. You see the financial management. The costs declined by 12.2% at EUR 27.3 million, which is not going to happen in 2023, but this will be addressed later.
The funds from operation, the FFO, starting from EUR 63.7 in 2021, taking out the EUR 8.2 million due to the footprint, and now starting from EUR 56.5 restated, is growing in absolute value, and percentage proportion, 18.9% in the case of the restated numbers. Compared to the guidance that we provided when we presented the interim report, we reconfirmed the numbers in the press release of January 26th were slightly higher than the guidance, not by much, but I think that is already significant at 3.8% versus the top of the guidance. Page 30, EPRA indicators. Most important indicator is the NRV. We're going from EPRA NRV per share of 10.85 to 10.28 to 8.
We're growing by 0.61 per share with the FFO. The fair value change is minus 0.83 EPRA NRV, and also we see a decline because of the dividends paid last year by EUR 0.35 per share. The liability management activity. Here we're talking about transactions that were completed in 2022. We issued in the first week of August the first unsecured senior green loan in the history of IGD, EUR 215 million. We've renewed our committed credit lines up to 2025, totaling EUR 60 million, still fully available and undrawn.
We've closed in the month of December, an unsecured bank loan guaranteed by SACE, the primary Italian bank, for approximately EUR 21 million. In the bottom part of the slide, you find the cash situation with the loans obtained and the repayments amounting to EUR 381 million, and the cash at the end of 2022 on the right-hand side. Page 32, you find the cash flow generated each quarter from minus 10.7, first Q to 11.7 last quarter. We've indicated that the dividend distribution EUR 0.35 per share, EUR 38.6 million. I would like to highlight that the net financial position of IGD, which was EUR 987 million at the end of 2021, by the end of 2022, went down to approximately EUR 10 million.
The indicators that loan-to-value grew to 45.7%, +0.9%, not so much because of the growth which went down of the net financial position, but because of the changes in the market value, which went down. The interest coverage ratio improved slightly at 3.6, and the average cost of debt is in line with that of 2021 at 2.26%. We know that this is something that receives a lot of attention, the debt maturity, I mean. This is the debt maturity chart, and it's a complete one. In the dashed line, you see the maturities within 18 months, EUR 245 million, approximately.
Between 2023, EUR 70 million and 2024, we have not included the EUR 400 million that will expire November 2024, which stands beyond the 18 months horizon. We are working on it, on refinancing, and the idea is to refinance always well ahead of time of the maturity. Also, in light of our ratings, we are investment grade at Fitch with a stable outlook. At S&P, just below investment grade, also with a stable outlook. We are defining an operation which is still confidential with is a secured operation, a secure transaction with primary counterparties in the range of EUR 225 million-EUR 250 million, which will be completed ideally within the 1st quarter, 6 months of 2023, and ideally before that.
This morning, the board of directors also approved the proposed dividend that is to be paid to the shareholders in the month of April. In November 2021, as I said, we freed up reserves that could be distributed. They could be entirely distributed in 2022, or entirely in 2023, or part in 2022 and part in 2023. Part of the reserves were distributed in 2022. We still have EUR 0.09 per share that we have to pay, approximately EUR 10 million of which will be distributed since we are obligated to do so with the 2022 dividends at the end of the period, which will be paid not in April, as I said, but in May.
That will amount to EUR 0.30, which is slightly less than 50% of the FFO, which is sustainable. It accounts for close to 11% of the dividend yield, and that based on last night's closing price. The outlook for 2023. For 2023, this morning, the board examined the budget for 2023. We estimate that the operating results will grow again in 2023. Net rental income is expected to rise in a 3%-4% like-for-like fashion compared to 2022. Thanks also to the increase in occupancy, the contract inflation indexing that gives us an opportunity to adapt the contract rate, but also with a possibility to reduce the rentals in the event of using our discount options.
Also income from new projects and the remodeling of some hypermarkets. Because of the increase in the rate and the spreads on the loans, especially for refinancing for the green loan in August for EUR 215, and then the ones guaranteed by SACE, the cost of the financial management, the financial expenses will increase, and therefore the FFO is expected to be around EUR 53 million, so down from 2022. Some final remarks, and then I'll leave room for your requests for clarifications. There are three final remarks.
We feel that IGD's business model and more generally for the shopping centers in urban areas, like is our case within the city's footprint, have totally recovered to the figures of before the pandemic, and the operating results are expected to grow also in 2023. That is basically due to the trends in the end of season sales. IGD confirms to be a dividend company, and I would like to remind everybody that for just one year, the dividend of 2020 was canceled, the one payable in 2021. Ever since we became listed, IGD has always paid a dividend. We expect it to confirm to be once again a dividend company with an attractive remuneration to shareholders.
We've seen it was 11%, which is associated with the big discount that IGD still has. IGD is fully committed in to maintaining rigorous financial discipline, refinancing debt well in advance, compared to maturity and reducing financial leverage by 2024. The goal is to stay within the range of 40%-43% from 2024, that will be made possible, especially, because of the disposals that we have planned. There is a disclosure in our business plan, in our industrial plan on 3 asset plans that would total between, anywhere between EUR 180 million and EUR 200 million. We're fully committed to bringing some negotiations to bear. We do not have any exclusive negotiations at this point, but the idea is to go for these disposals within the plan framework. We ideally would like it to carry out these disposals before the end of 2023, but it doesn't fully depend on us. You have to have a buyer, not only a selling party. That's all with me. I'd like to thank you for listening so attentively, and feel free to ask questions or make comments.
This is the operator. We will start the Q&A session now. If you want to ask a question, just dial star and one on your phone. If you want it to exit, you want it to dial star and two. Again, if you want to ask a question, please dial star and one now. The first question is from Dario Michi, BNP Paribas. Yes, the floor is yours.
Good afternoon to you all. I have a few questions, actually.
We can't hear you well. Could you please speak closer to the microphone?
Is that better now?
Yes, much better. Thank you.
Now, in light of the rate dynamics, do you expect any further write-downs in the first half of this year? My second question is the following. Since for distributing dividends, we've had to get money from the reserves, how much are the reserves that are available for further distributions in the course of 2023? What is dynamics of financial charges expected in 2023 that are the basis that provide the basis for the FFO guidance that you've provided? Sorry, I did not really hear your final question. What are the implicit implied financial charges in your guidance, FFO guidance for 2023, 2024? That's all with me. Thank you.
Now, the answer is the following. The fair value appraisal, we do not expect upsides or write-ups in the first half year. We're still looking at the rates. The appraisers are very cautious. It would be a good thing to have some stability in the appraisals as at December 31st. That is just a goal. At present. We've just received the appraisals as at December 31st a few weeks back, so I don't think I can make any particular forecast. If we had stable fair value appraisals, that would be a very nice result to begin with, and but we'll see. When it comes to our reserves, we have available reserves that are pretty large. I don't have any specific figures about that, but they're pretty large, our reserves. When it comes to the financial management, I will ask our CFO to take the question. Andrea Bonvicini, please, the floor is yours.
For 2023, we can anticipate charges for approximately EUR 41 million. Of course, a lot will depend on the transactions and the types of transactions that we are in the process of closing that are subject to many variables. That is a financial management total. For 2024, we cannot make any forecast because we expect, as I said Decline in the stress and financial indicators in the second half of the year, and we intend to refinance the bond between later 2023 and beginning of 2024, but a lot will depend on where the indicators will position by then. Let's bear in mind that, as I said before, we intended to move forward with a number of disposals. I'm not saying that all the EUR 108 million and EUR 200 million that we have included in the plan will be collected before the end of the year, but most of it, at least, we hope will. This is certainly not the most favorable moment for the market, by the way. Not even in 2021 was the right moment.
People were less skeptical about the actual transaction we completed in November 2021. An incoming cash flow with an inflow of EUR 115 million, if I don't, if I remember correctly. That was not the right or a very favorable moment in time. The assets we put on the market seems to be quite palatable. It's not a matter. We do not make the decisions, it's the buyers who make the decisions. It's the industry that's not particularly appealing right now in the market.
Any next question comes from the line of Davide Candela with Intesa Sanpaolo. Go ahead, sir.
Good afternoon to all of you. Thank you for the presentation.
I have a couple of questions as to, or what also the colleague said. One is about dividends. Why did you propose a dividend on the upper range of the guidance? Waiting for an outlook on 2023 and the uncertainties you probably have ahead, why did you pick the top range of the guidance? What could be the dividend level, a sustainable dividend level that the company is looking into also taking the FFO into account, a dividend level that could be sustainable for your company going forward, looking at next year, for instance, refinancing and interest rates.
Considering the answer you gave as to you don't expect your portfolio to be written up, what would be the best case? Should the portfolio value remain flat, or should there be write downs because of interest rates? What would be the impact on your targets for 2024, 40%-43%, even with the disposal seem to be pretty challenging. Are there any levers that you may want to resort to? Maybe the issuance of new debt instruments. What could be the solutions? You said that very often, but do you think you're still ruling out a rights issue, a capital increase, should things get worse? Thank you.
Let me start from the end. We start from the last question. There's no intention whatsoever to have any transaction or activities on our equity, on our capital. That's not foreseen. No capital increase is foreseen. As to the question on dividends, it's lower than last year. Last year, it was EUR 0.35, so it's down. We gave a guidance between EUR 0.25 and EUR 0.30. The difference between 25 and 30, it's about EUR 5 million, EUR 5.5 million. Well, it's an amount that we can manage quite well with our NFP. It's less than 50%, or we should say 50% of the generated FFO.
If make a comparison with our peers, with our comparables, you will see that dividend is between two-thirds and upwards, two-thirds of the FFO or higher. I was only suggesting that this is what we've done in the past, what we've had as a target in the past, two-thirds or higher, two-thirds of the FFO or higher. It's a totally sustainable dividend. The difference between the EUR 0.25 or EUR 0.30 is EUR 5.5 million, and I don't think this would make a big difference for us.
Our forecast for 2023 is to retain NFP as it is or slightly improve it. loan-to-value may decline, we rule out, definitely rule out a capital increase. We've not taken that into account with the disposals. Disposals. Even if... Well, we have a couple of packages that we are going to dispose of. With just one, now we could get to 43%, so we would be in line with the business plan targets that were in a range between 40% and 43%. Still, as I said, you still to give us some time because we are working on it. People were skeptical about our ability to close a transaction in 2021 in the previous business plan.
Even at the last minute, but we did manage to close the transaction, and we cut our loan-to-value by 5 percentage points. In 2021, it was around 44.8, just below 45. Of course, now we've had an increase, a growth because of write-downs and impairments, but we are working on it, as I said, and I cannot say more than this. We are very committed to work on this and to complete the disposals. If not this year in 2024, but anyway within the business plan time framework. Would you like to add something, Raffaele?
Yes. Hello, Davide. Good evening. Good afternoon to everyone. There's something we'd like to highlight and draw your attention to. It was the first item in our final remarks.
It's the fact that nobody can foresee how rates will move and the impact they will have on appraisals or valuations in the coming months. Unlike what happened in the past, our fundamentals are much sounder. This is a message we really want to convey in a very strong way. The January performance is witness to that. The net initial yield of our portfolio based on write-downs have increased, and they are now higher than those of other asset classes that are below our levels, well below our levels, so not even comparable to the rates that are available on the financial markets. If we couple that with the way the underlying factors are playing occupancy, tenant sales, which is their core business, we have more factors that will play in our favor in the coming months. That has to be taken into account.
The next question comes from the English line, Alvaro Mata with Alantra. Go ahead, sir. Please, sir, Alvaro Mata, you have the floor. You have the floor, sir. Please go ahead. You can ask the question now, sir. Mr. Mata?
We cannot hear you.
Yeah, okay. Well, nothing I can do. Hello, hello, hello.
Please go ahead, sir. Please go ahead with your question.
Am I
Yes.
I'm asking if you can hear me?
Yes, we can hear you fine.
Okay. You said you couldn't.
Yes. No, no. Now we can hear you fine. Probably the management couldn't hear, but we can hear you fine.
Okay.
Go ahead.
Page number 33, if you can tell me a bit more on this transaction of between EUR 225 million and EUR 250 million. You say it's currently being defined. What does it mean? I mean, how close are you to close something? Will this be secure, unsecure? What will be the proceeds of this? I guess it will be to take out all the debt that matured between 2023 and 2024, the bond that I want to confirm, please. Thanks.
On that transaction, as the CEO said, it's a secured transaction because it refinances part of our debt, secured debt, that is coming to maturity. The overall of the amount of unencumbered assets stays very high, and it's a 5-year transaction. There's nothing else I can tell you about it. We are right in the middle of it, and we would like to complete it by the first half, but probably we can close the transaction even much earlier. To the present date, this is as much as we can say about it.
Okay. Okay. Understood. In regards to the bond, obviously matures next year, EUR 400 million. I mean, I would like to ask you, what's your plan? Obviously, if the market is open, things will be much easier, and you can come to market. How about if the market remains closed for real estate companies? I mean, what's the plan? I don't know if you can tell me.
Very well. As to 2024, as the CEO said, we've discussed it during the board meeting today. We cannot yet disclose anything. Having to refinance something that's in the market already, we would go in the same direction, maybe with an exchange, with a, as we did in 2019 when we issued the bond that is now expiring in 2024. The market now is clearly a bit blocked. There were no issuances by real estate issuers, apart from the one we had last year, the Vonovia one last year. Probably you will see some deals, some transaction, and we'll see what kind of terms and conditions will be applied. For sure, we rely on the fact of reducing our overall needs through the disposal, financial needs, the transaction may be even lower than the EUR 400 million.
Okay. Remind me on disposals, did you give an amount that you expect to be selling this year or next year? I missed any amount.
On disposals, in the business plan, we have disposal for a total amount or a range of EUR 180 million-EUR 200 million, so EUR 180-EUR 200. We're working on part of that amount. They are non-core assets, and we are working on them. We've worked on them for a few months now. We are also working on the Romanian portfolio, and we are negotiating with some potential investors, but it's still too early. Let me reiterate that. Let me say that again. We have no specific negotiations underway. We are aiming to achieve that, but there's nothing else I can say. Right now, I can just reconfirm that we are definitely willing to complete the disposals within the timeframe of our business plan. The sooner, the better because, of course, loan-to-value, refinancing, these are topics that have to be dealt with and on which we want to improve in the next 18-24 months.
Okay. Last question on page 19 in terms of the portfolio valuation. The amount that you show there declined 2.8% year-on-year. This is not a like-for-like number, right? Do you have a like-for-like number?
Roberto Zoia is the person in charge of appraisals together with independent appraisals. On page 19, the first part is like-for-like, because hypermarkets had been disposed of before the end of December 2021. Whatever we call IGD portfolio is on a like-for-like basis. The only change is for Porta a Mare, it's about the 17 flats that have already been, for which we already have a final deed by the notary public. They're no longer in the portfolio, that was disclosed at the end of January, 26th of January. There are two different amounts of write-downs, one on the malls, one on hypermarkets. A part of this write-down on hypermarkets, EUR -5.35, is the fact that we have less hypermarkets than malls now, l ike-for-like, excluding the 17 flats, residential units that were sold in Livorno.
Okay, thank you.
Let me remind you that if you wish to ask a question, you can press star and one on your phone. For further questions, please press star and one on your phone. Mr. Albertini, ladies and gentlemen, there are no more questions in the queue. Very well. I would like to thank you very much for joining us today, and have a nice evening. This is the course operator. The conference call has come to an end. You may disconnect your phones. Thank you very much.