Good afternoon, this is the conference call operator. Welcome to IGD's conference call, presenting full year 2023 results. Let me remind you that all participants are in listen only mode. After the presentation, there will be a Q&A. 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 Claudio Albertini, Chief Executive Officer
Thank you very much. Good afternoon to all of you. As you could see from the press release that we disclosed, we published about one and a half hours ago. The board of directors of IGD this morning approved the account for full year 2023, and we also sent you a results presentation, and I'm gonna walk you through the presentation.
Let's start from page three in the presentation, and we, in a nutshell, are providing to you our 2023 highlights. We have three boxes. First of all, our shopping malls, so-called spaces to be lived in, confirmed for 2023, that they have very sound fundamentals, operating fundamentals, and they add up to 2022 ones, which were also very good. While tenant sales went up and footfalls went up to 4.3% tenant sales, and the footfalls went up 4.5% versus 2022. Let's now look at the second box. In 2023, we had a big event, in our main pipeline. The main pipeline we disclosed with our business plan. That is to say, we opened our project, the Officine Storiche project.
It was a very important event for us, a milestone that, somehow stands out in our, industrial pipeline. Then in 2023, we completed our debt stock refinancing, as disclosed in our business plan. The EUR 650 million were refinanced in 2023, and they have to be, added to the EUR 235 million that were refinanced in 2022, starting from August. In less than 18 months, we have refinanced almost EUR 900 million worth of debt. About 90% of our, maybe more than 90% of our, net financial position. Rating agencies have confirmed their ratings, and Fitch, more specifically, they confirmed, the investment grade level with a stable outlook.
Let's move to page four of the presentation with highlights about our revenues, EBITDA and some capital ratios. Net rental income went up 4.9%, almost EUR 120 million. Core business EBITDA slightly above 100 million, 108, went up 4.6%. And funds from operation landed at EUR 55.4 million, down 17.5% versus 2022. We'd already seen that over the year, over 2023, and we had somehow prepared the market by providing the reviewed guidance starting from February to November. We'd already prepared the market for this result, and we'll look into it as we walk through the presentation, which is slightly higher than the last guidance we gave you.
The real estate portfolio market value, excluding leasehold, while freehold is 1.9 billion, 1,968 million, down 5.4% because of fair value valuations that penalized us last year, especially end of December, but also end of June. The EPRA NRV ratio is down 10.3%, landing at 9.22 EUR per share. If you move to page 6 in the presentation, we show you the operating performance of our organization. Footfalls went up 4.5%, as I said before, and malls in Italy saw an increase in tenant sales as well as we showed you in the at the beginning of the presentation. So the number of tickets goes up 4%, almost. So the spending for each ticket is up 0.4 EUR.
That is to say, 1.4% versus 2022. And the hypermarkets are also faring very well, the ones we own, and the growth is close to 4%. If you move to page seven, you see a breakdown for our shopping malls of the performance we have reported, broken down by a product category. And here you see they all show a plus sign, exception made for the electronics industry. For us, the weight is about 10% on the total rents, and after the double-digit growth they experienced in 2021, there was a slowdown in 2022, and this slowdown went on in 2023 as well. All other product categories have a plus in front. And household goods grew more than 15%, and of course, restaurants also went up 15%.
Restaurants were the, one of the most penalized sectors during the pandemic. So you see there's a positive, for clothing as well, not so much the percentage value, but it's still, it can be appreciated, but it weighs about 50% of our total rents. If we move on to page 8, we see our leasing activities in Italy, and then we'll see Romania in a minute. Let's start with the leasing activities. We, had 188 new contracts, 135 renewals, and 53 turnovers. The renewed rents, are flat, down 0.45%, but those rents, had already grown, due to inflation, due to the inflation effect, for two years in a row. The occupancy rate is still quite high, in excess of 95%, slightly, well, growing and recovering versus H1 2023.
Also the collection rate is faring well, landing at 97% for 2023 full year. On page 9, you see a few details. In 2023, we have re-let 15,700 square meters with a rotation rate of 4%, and new openings, Officine Storiche, in excess of 15,800 square meters, and overall 83 new stores were opened. In the box on the right-hand side, you find some more details. There were 91 new brands included, 22 of which in 2023. Last three years, 2021 to 2023, 91 brands, but 22 in 2023 alone. And you see the details of the new tenants. We have 10 new restaurants that show the buoyancy of the industry.
And then we opened the first Starbucks in one of our shopping malls. It's Officine Livorno. And then staying on Officine, let's move to page 10. And we've opened early September, first days of September, we opened the new destination. We call it an iconic destination for shopping and entertainment. It was very much expected it to be open in the city. 11 restaurants, a fitness center, 16 shops, and by the way, in the second half of 2024, Primark will be opening their stores as well, and we've already signed a contract with them.
So again, a highly successful opening? Here you'll find some further details on footfalls for the first four months, and the occupancy, as you see, is more or less in line. A little bit more actually than the overall occupancy that we have, which is at about 95%. I was mentioning Romania beforehand. We are on page 12 now. In Romania, two leasing activities were very brisk. 662 new leases, of which 515 renewals and 147 turnovers. Here, we see an upside, positive by almost two percentage points, despite the fact that these leases actually grew by effect of indexation. They are indexed based on European criteria and not on Romanian. Occupancy is 96.2%, slightly down compared to the first half, and the collection rate is even higher than Italy, at about 98%.
On the following page, you will find some further detail on the new stores which we opened, 147 of them, of which two new brands. Specifically, I'd like to refer to two brands. One is Stay Fit Gym, which opened three stores, three fitness clubs in our Romanian portfolio, and two stores for Sinsay, a fast fashion brand, further proving that, we are really working on our merchandising mix in Romania. And finally, in Romania, we installed four new photovoltaic plants, and here you find, where they are, the four, shopping centers where these, plants were installed. We're on page 14 now, marketing activities, with, focused on digitalization, and we developed partnerships with our tenants. Specifically, I'd like to, focus on two projects. The Spotlight project, aimed at increasing CRM contacts and increasing loyalty, too.
We launched our first IGD mobile app with a loyalty program, which will be launched in seven shopping centers in 2024, and we increased new contacts in CRM by 28% in 2023. The partner project... First of all, so a continuation of our co-marketing initiative with Coop Alleanza, with positive developments. You see a few figures here concerning communication, promotion, and digital. but we did not focus on Coop Alleanza only. We also developed partnerships with other primary and leading tenants. I'd like to point specifically to Kiko and Okaïdi. I'd like to take you now to page 15. In 2023, we organized 555 events, more than in 2022.
We're not yet back to the pre-pandemic level. If I'm not mistaken, before the pandemic, we had organized about 700 events throughout Italy. But anyway, 555 events broken down into our shopping centers mean over 20 per shopping center, more than 1 per month. And we are focused on the areas that you can see here, loyalty, community, social relations, entertainment, communication, experience. So we did work hard, and it was a fruitful exercise.
Not only that, we actually got a good boost in terms of sales, tenant sales, et cetera. Sustainability now. We launched our sustainability plan together with our business plan in December 2021. So we launched a business plan which included a large number of five-year goals. We are at the second year of our plan. We are slightly less than 70%. We are confident that we can reach 100%, or at least something quite close to that on our sustainability targets. Here you find a few details on things we've done in 2023. But before doing that, I'd like to recall that we obtained from EPRA a confirmation of our gold awards, both for financial statements.
It's the sixth year in a row here that we get this award, and it's the ninth year in a row for sustainability. We are rated by 12 rating agencies, most of them unsolicited, and their ratings are either stable or improving versus 2022. Then you find the detail of the several areas: green, responsible, ethical, attractive, and together. And the initials give you the GREAT acronym. Becoming GREAT is our motto and our payoff for our CSR. On the following page, you'll find the actions which are underway or which were underway in 2023 in the green environment. So we're talking about the environmental footprint of our portfolio. Well, photovoltaic systems, we have 13 of them now. 12 in our hypermarkets. Those were investments which were directly made by our tenants.
20 shopping centers equipped with a LED lighting system, with an estimated decrease by 13% of the total electricity consumption. We started a first project aimed at monitoring consumptions through AI. This was done in Milan, at the Centro Sarca in Sesto. We keep buying energy from renewable sources. We are approaching 100%. We are at 94% of the total electricity consumed in Italy. In the ESP center, we are installing a new heat and cooling system with heat pumps, and then we also already installed 122 EV charging station in 22 shopping centers in our portfolio. Our portfolio is BREEAM certified. We have 10 certifications concerning 63% of the market value of our Italian malls, and we have 24 shopping centers certified with the ISO 14001.
Coming now to the actual figures concerning our portfolio. As I said before in the introduction, there was a change in our market value, and you can see it here. We went from EUR 2.08 billion at the end of 2022, at EUR 1.968 billion in 2023, down 5.42%. If you add to this leasehold properties, EUR 17 million for 2023, and the stake, which is EUR 25.2 million, we are about slightly above EUR 2 billion. The EPRA initial yield is 26% in Italy, including both malls and hypermarkets, and 6.7% in Romania. Here in this box, you see that rates were increased by 90 basis points since.
In 2023, we unfortunately had the flood that affected Emilia-Romagna. You can see it from the picture, that you have the before and after picture. This shopping center, Lungo Savio, was devastated by the flood. But of course, we started working, both ourselves and our tenants, and the hypermarket opened in June 2023 almost in full, and shops in the mall reopened in July 2023. And this gave us the opportunity to rethink the layout of the shopping center. We did a commercial remodeling, which is still underway, to introduce new brands, new tenants. We are moving on with the and page 24 in the presentation. At Imola, we are restarting the Centro Leonardo. It's an old shopping mall, so it was requiring a complete restyling. We started...
Well, the work should start at the end of Q1, Q2, sorry. They will start at the end of Q1 and should be finished by Q2. We're working on the external part, and again, in that case, the work will end at the end of 2025. Officine Storiche, we not only have the commercial part, we also have the residential part, and we are on page 25 of the presentation. This is the new part. Let me remind you that the old part, 73 flats, for the first Mazzini, the Mazzini project, were all sold. We're talking about 73 flats. We had another 42 that were sold later in time. Out of the 42, 30 had, have already been sold.
For the remaining 12, we have five binding proposals that will be completed in 2024, with a deed with a notary public. Then the remaining seven, we are confident, if not to be able to complete the selling between 2024 and 2025, to really finish the selling, the cash-in for these, let's see, EUR 7 million in 2022, EUR 6 million in 2023, and we expect another EUR 4 million for 2024. We're always talking about cash-in. On page 26, you find a summary of our investment pipeline as it was laid down in our business plan spanning 2022, 2024. EUR 35 million worth of investment in 2022, another 25 in 2023, and there are still EUR 20 million for 2024.
Those are the expected investments, of which nine are committed and 11 are not committed. We have no further development project after 2024. Moving on to figures to be crunched. We are on page 28. From 28 onwards, net rental income goes up of EUR 5.6 million, up 5%, with rental income going up EUR 5.1 million, and costs being cut by EUR 400 thousand. And all that, and now moving to page 29, leads to an improvement in our core business EBITDA and the relevant margins as well. EBITDA margin going from 103.4 in 2022 to 108.2 in 2023.
The growth was driven by the net rental income in quote, and also, income from service, net service income that is not as meaningful as the other one. Then we have EUR 5 million growth in general expenses. That leads to a margin, EBITDA margin growing, landing at 72.1. I'm talking about core business EBITDA margin, whilst EBITDA margin for freehold is 74.1%, and therefore better than that of the core business EBITDA margin. That also factors in leasehold assets. And so far, so good from an economic and financial viewpoint. Let's now move to page 30, and here we see our, the increase, the rate increase between 2022 and 2023 affected our both our P&L and financial management.
So we go from financial management in 2022, slightly over EUR 30 million to about EUR 49 million in 2023. If we look, if we compare these two values and we put them in non-recurring items, then accounted for in compliance with IFRS 16, it will be 57%. So it's a very high growth. FFO, the Funds From Operations, we've already looked at it over the year. It is down from EUR 67.2 million-EUR 55.4 million in 2023. And on a positive note is the core business, EBITDA increase, but we feel the weight of adjusted financial management. So the difference between EUR 42.7 and EUR 27.3, then you must add debt, and versus it, it takes us to EUR 55 million.
If we refer to the guidance, when we talked about a refinancing transaction, we exceeded the guidance by a couple of EUR millions, starting from end of November, so to say. We went back to the guidance we'd given in February. This is slightly better than the February guidance, but in February, we had not estimated and factored in the refinancing costs. Page 33, EPRA indicators. I've already said during the introduction, I've told you how the value per share declined and RV, we are 9.22, about ten percentage points. And you see at the bottom of the slide, EPRA per share, how it performed, starting from 2022 to the end of 2023, we had EUR 55 million, roughly, of FFO, overall FFO, divided by 110 million.
You get to the 0.50 EUR decline in fair value per share of 1.6 EUR per share, and then dividend paid 0.30 EUR per share. So you get to 9.22 EUR per share. On page 34, you see how our NFP moved, starting from 2022, EUR 977 million, roughly, to 2023. We broke it down by quarter. We had a very strong cash generation in the first two quarters. In the first half, we had a dividend distribution, about EUR 33 million, 0.30 EUR per share, for the 110 million shares outstanding. Cash flow in the third quarter was EUR 11.1 million, and the decline in Q4 is already factoring in the higher cost in our financial management.
NFP is down by about EUR 8.9 million to EUR 968 million. So we generated cash even after paying a dividend. Loan to value is growing. And then we had write down, real estate write down, then the decline in market value. You can see it at the bottom of the page. We go from a loan to value of 45.7% at the end of 2022 to a loan to value of 48.1% at year-end. And then we gave you a pro forma for 2023, including the disposal transaction. I'm sure you all read about it in our press release last Friday. ICR is down, but it's still above two.
It's 2.4 times, and the average cost of debt, because of the higher cost in our financial management, lands at 3.86%. As I said during the introduction, during 2023, we refinanced a stock of debt totaling EUR 650 million, with two transactions. And all this, despite the well-known difficulties in accessing the markets, the financial markets, by everyone. Only over the past few weeks, have we seen a few positive signs, with markets showing signs of reopening. So EUR 650 million is made up of the green secured loan with a pool of banks by EUR 250 million, and exchange and tender offer and consent solicitation, which was launched successfully so in November, totaling EUR 400 million.
With the cash coming, the liquidity coming from these loans, we refinanced early USPP, so the private placement maturing in January 2024, for a total of EUR 100 million, and above all, the bond maturing in November 2024. All this, as you can see on page 36, takes us to the new financial maturity profile, where you see that for the coming three years, the current 2024 and the coming two years, we do not have any significant maturities in the ordinary ones. With this cliff in 2027 of EUR 225 million in 2028, consider that at the closing of the transaction, which is expected to take place at the end of April, with the cash-in of this EUR 155 million, we will bring down.
The last two bars for 2027 and 2028, and we will therefore considerably reduce our stock of debt. I already mentioned ratings. This debt has a maturity, an average maturity of slightly less than four years. So over the coming three years, our finance department will work at refinancing early these three loans, which had a cost that was the result of market conditions in 2022 and 2023, particularly penalizing. So it is in our interest, as soon as the market improves, and we hope this takes place soon, it is our intention to have an early refinancing of the three of them, and so reduce the cost of our financial management.
I imagine a lot of questions will focus on this, because I was saying in the beginning that a few days ago, there was a press release containing some details of a transaction which we closed preliminarily last Friday. The closing of which should take place by the end of April. With this transaction, as you can see, we have the disposed portfolio. There are 15 assets, including 11 hypermarkets and 2 shopping malls for an NOI of about EUR 17 million. The portfolio was valued by at EUR 258 million, more or less in line with our book value at year-end. The cash in on a gross basis will be EUR 155 million.
Perhaps a couple million will go into the costs related to the transaction, and it will be used entirely to reduce our debt. So again, the preliminary agreement was signed last Friday, and the closing is expected to take place by the end of April 2024. A few details concerning this transaction. So a real estate investment fund was established. The name is FOOD, which is managed by Prelios SGR. 60% of it will be held by an SPV, 50% of which will be held by Sixth Street, and 50% by Starwood Capital, with Class A shares, with preferred return, and 40% will stay in IGD hands with Class B shares, with subordinated return. So IGD will be given a mandate to manage the project, property, and facility management activities.
The goal is to further enhance the portfolio with a view to selling it to the market at, on the best possible terms in the coming years. Of course, this is, I mean, on a payment basis, and tenants will not be involved. The fund has no financial debt and will not have financial debt in the future. As I said, partners are the three that you see identified in the box at the bottom of the page. We have Sixth Street and Starwood, two leading investors, American, and we have Prelios that will manage the fund. What will be the impact on IGD? Here you see our market value and how it changes.
Market value, so the hyper supermarket component accounting for over 20%, but after the disposal, this is a pro forma figure, but we will go down to 11.2%, so we're almost halving the share of hyper and supermarkets in our portfolio. Loan to Value, it is a pro forma figure. It will go back. It will go down by 3.7 percentage points, so we will be slightly below 45%, at 44.4%. Net rental income on a per year basis will be down by EUR 17 million, but we will have, on a yearly basis, a benefit of about EUR 13 million in terms of a decrease in financial charges, EUR 11 million and EUR 2 million EBITDA. So again, there will be a negative by about EUR 4 million for IGD on a yearly basis.
Coming now to the final slides. This is the dividend. Considering the negative fair value movements that entail a negative net result for IGD, there is no obligation to distribute a dividend in 2024, in compliance with SIIQ rules. Therefore, IGD in 2024, for 2023, will not pay any dividends. I'd like to take you now to the final slide concerning the outlook for 2024. We forecast in terms of operating results on a like-for-like basis, that is to say, considering the divested portfolio, we expect growth in 2024 too. EBITDA growing by about 3%. So we keep-
Good afternoon. I have a question on valuations and the increase in yields, the yield expansion versus the gross initial yield, and, compared to what you had disclosed in June is quite limited, so the delta is quite limited. But the impact on your, income statement was higher than my expectations. Could you elaborate on this? Could you give us some color on that, and, how valuations are faring? And, if you could, tell us something about, your expectations for 2024. Thank you very much. Roberto Zoia will answer the question.
Good morning, S- well, good afternoon, Simonetta. Yes, as a matter of fact, we had A decline that was higher than expected during the first half of 2023, and that was driven by interest rate hikes and increases on the discount side, because, of course, BCE rates went up, were high in the second half. And then, looking at the write-downs, if we take the total amount of our freehold, that we had about 2% in the first half, that went too far because of this fair value decrease. And that was mainly driven by a further increase of the two rates I mentioned. If we compare it to 2024, we think that at least discount rates should have reached a level that's quite high, and unless there are other high rate hikes, meaning financial rate hikes, it should stay flat.
The problem is, in case of transactions that may take place in the first half of 2024, what kind of yields, what kind of underlying yields, we will have, and then we'll make evaluation from there. We'll take stock from there. Thank you.
So if you want to ask questions, please press star and one at this time. That is star and one. Next question is from Giuseppe Grimaldi from Exane BNP Paribas. Mr. Grimaldi, your line is open.
Good afternoon, and thank you for your presentation. I have two questions. The first one concerns your disposals. Are you considering further disposals? And can you give us an idea of the geographical areas that you're planning them for, for example, in either Italy or Romania? Second question, my second question is on financial charges in the light of the investment transactions for 2024, what did you consider in your budget? Thank you.
Okay. In our business plan, we had envisaged the disposal in a range of EUR 180 million-EUR 200 million. This transaction accounts for EUR 155 million, roughly. It was one of the three asset classes that we wanted to also sell, a portfolio made up of hyper and supermarkets. This, but this, I mean, is what we have already done. And then we had also expected or planned to sell part of our portfolio in Romania and three sort of sub-areas in Livorno. Then, of course, we are working at making valuations by Roberto. Roberto and the authorities are working on it. It's very difficult in Italy. We want to actually enhance the value of these areas, there are three of them, and then sell them on the market.
That will be a one-off impact on our accounts, about EUR 20 million. Then in Romania, the situation is different. We are still working, we are scouting on the market, and we might decide that we sell part of our portfolio, not necessarily the entire portfolio. But we will see whether in the course of 2024, we are working on it, we are assisted by leading consultants, and we will see whether we manage to sell at least part of our Romanian portfolio. But again, the EUR 153 million net of the relevant expenses, as opposed to EUR 180-EUR 200, which we had planned for, is 80% of what we had planned. So if we can continue the dispersal of part of the Romanian portfolio, then we will have reached our target.
But then we might also consider doing something else in 2024. It depends on the market conditions, on the proposals that we receive, et cetera. Financial charges, so this, our CFO will provide you with further details. Okay, 2024, considering the time when the proceeds will be cashed in April, and considering the notices that are needed for the early repayment, the advantage goes down to EUR 3.4-EUR 3.5 million. Whereas on an annual basis, I confirm it is the EUR 11 million that we disclosed in the presentation. Thank you.
For further questions, you can press star and one on your phone keypad. Next, question comes from the—it's a follow-up by Simonetta with Mediobanca.
Yes, thank you very much. I was wondering about dividends. There are a number of elements that have to be taken into account, the net profit performance for the SIIQ regulations and then the bond regulations. Can you please remind us of the parameters that we'll have to factor in or take into account for 2024?
Well, 2024, it will very much depend on the results coming from the exempt accounts. But the main thing is to be able to pay dividends again, distribute dividends again in 2024. Apart from the COVID action, where we did not pay a dividend, IGD has always paid out dividends.
On the one hand, because of course, we have a regulatory duty, but we've always, there's a voluntary part to be paid out, but because of the regulations, we cannot pay that out for the... So there's no obligation for 2023, as I said before, for the 2023 dividends. But for 2024, it will depend on how we perform. And it was - it had a big way, well, fair value decrease, of course, had a big impact on that, and so we're not compelled to force to pay a dividend. But should that be a positive result instead, we would have to pay out a dividend, at least 70% of it. It will very much depend on how we perform. On the operating side, I'm not concerned.
The question was asked before, how will the change in fair value fare in 2024? We hope that this hemorrhage, somehow, that this negative fair value decrease will stop, will come to an end. In 2023, we had about EUR 138 million that was driven by the decrease in fair value because of IFRS 16. Remember that between 2019 and 2023, IGD had about EUR 470 million worth of negative fair value between fair value and IFRS 16. So it's almost, well, it's EUR 470 million that affected us. The two COVID years were very bad for everyone, and there was a big fair value decrease. But also the fact that rates went up over the last couple of years had a negative impact on our performance.
So we are currently trying to run after the loan to value to try and to decrease it. Our net financial position went down in 2023 and also in 2022. But if the net financial position declines, market value declines even more than it, so you have a loan to value that goes up. So far, we've been chasing it, and we've managed to be all right to the disposal, one in November 2021, and this recent disposal that will be closed in April. But we know that IGD has to get to a loan to value that's closer to 40% than 45%.
So if there were a good opportunity to do another disposal, we're gonna do it, but it's like having a short blanket that's too short. I sell assets, my loan to value declines, but also my NOI declines. And so that affects my PNL, as we've seen in our guidance for 2024. Thank you.
Thank you very much.
Our next question comes from the English conference called Alvaro Mata.
Hi, can you hear me? Hello?
Yes, we can hear you. Please go ahead, sir.
Okay, great. Two questions from my side. The first one is in regards to the, disposal of the portfolio for EUR 258 million, cashing of that portfolio will be EUR 155 million, and what we know is that you have to use some of that to repay mortgage, debt that you have on those assets. So I guess the question is, what is the amount of the mortgage debt on those assets? And therefore, what is the amount remaining that you'll have to pay down debt? And then the question will be: will that amount be fully dedicated to repay the 2027 bond? Thank you.
Very well. Here, too, Andrea Bonvicini, our Chief Financial Officer, will take this question.
Good afternoon, Alvaro. Okay, as for the net sales proceeds, as Mr. Albertini was saying, that will be slightly lower, about EUR 153 million, of which about EUR 62 million corresponds to the allocated loan amount, which will have to be reimbursed on the secured loan, which IGD signed in May 2023. The remaining part, based on forecasts and of the limitations envisaged by the rules, will be devoted, amongst other things, to partially reimburse the loan. Within 120 days from the cashing of proceeds, which should take place at the end of April. So we will communicate the exact amount very shortly.
Of course, the company is interested in actually repaying the most expensive loans, and in doing so, as early as possible. This is as much as I can say right now.
Okay, thank you. And then second and last question, can you give me any guidance for 2024 CapEx? Thank you.
So are we still... Okay, so we're still talking to Alvaro Mata, correct? Yes. So we envisaged, and we indicated that on page... Let me find it. On page 26, you see the investment pipeline for 2024. They account for about EUR 20 million, of which-
Thanks.
9 committed investments, which we'll, we'll actually do anyway, and 11, which can be deferred. They're not committed. You see that on page 26. I did not say that before, let me say it now. Under our business plan, we had envisaged about EUR 82 million worth of investment. It's slightly less here, it's about EUR 80 million. We slightly reduced our pipeline, which could go down further because, as I said, EUR 11 million are not committed.
Great. Thank you very much.
For further questions, please press star and one on your phone. Let me remind you that if you want to ask a question, you may press star and one on your phone keypad. Mr. Albertini, ladies and gentlemen, there are no more questions in the queue.
Thank you very much. Just to remind you that, on the last page, page 56 of the presentation, before I say goodbye to you, let me remind you, on April 18, we have the shareholders' meeting, and then on May 7, we have the first quarter results, Q1 results. August 1, we have the first half results, and November 7, we have Q3 results. And then on March 20, we will attend the STAR Conference of the Italian stock exchange.
So, you will find us there if you want. Thank you very much, and talk to you soon.
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