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Statement on Covid-19 Impact
INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: ITU
LEI: 213800JSNTERD5CJZO95
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
26 MARCH 2020
STATEMENT ON COVID-19 IMPACT
In light of the rapidly evolving COVID-19 situation, intu provides the following update. Our
three priorities are to look after our employees, to protect our business and to play our role in
society.
All of our centres in the UK and Spain are operating on a semi-closed basis. In line with the
latest Government advice in both countries, only essential stores, such as supermarkets,
pharmacies and banks, remain open.
Rent for the second quarter of the year in the UK was due on 25 March (the quarter day) and
we have received 29 per cent of this. We are in discussions with our customers on the
outstanding rents. For the same period last year, we had received 77 per cent on the quarter
day.
As at 24 March 2020, we had immediately available cash and facilities of £184 million at the
corporate level. The impact of COVID-19 in Europe is delaying certain regulatory approvals
in relation to the disposal of intu Puerto Venecia and we now expect the £95 million
proceeds to be received in the middle of May at the earliest.
We have significantly reduced capital expenditure for the foreseeable future and are cutting
back on head office costs to maintain additional cash within the business. In addition, to
support our customers, we have initiated a programme of reducing non-essential service
charge costs and are passing on these savings to them.
The reduced social activity is likely to continue for the foreseeable future impacting our
footfall and potential future rents. The impact of the reduced rents received is expected to
require us to seek covenant waivers and we are in constructive discussions with the relevant
lenders.
In addition to the immediate actions we have taken to preserve liquidity, we have an ongoing
dialogue with the UK Government and may look to access their £330 billion support
package. In their recent announcement for the protection of commercial tenants from the
non-payment of rent, they also stated that they are actively monitoring the impact of this on
commercial landlords’ cash flow. Other Government measures announced of business rates
suspension, employee cost support and tax payment deferrals, are also expected to have a
positive impact.
Given the ongoing uncertainty around COVID-19, we are no longer able to provide guidance
in relation to the 2020 financial year.
In these difficult times we continue to assess all strategic alternatives and will provide further
updates as appropriate.
The person responsible for arranging the release of this announcement is Susan Marsden,
Company Secretary of intu properties plc.
ENQUIRIES
intu properties plc
Matthew Roberts Chief Executive +44 (0)20 7960 1353
Robert Allen Chief Financial Officer +44 (0)20 7960 1360
Adrian Croft Head of Investor Relations +44 (0)20 7960 1212
Public relations
UK: Justin Griffiths, Powerscourt +44 (0)20 7250 1446
SA: Frédéric Cornet, Instinctif Partners +27 (0)11 447 3030
JSE SPONSOR
Merrill Lynch South Africa (Pty) Limited
2
Date: 26-03-2020 09:00:00
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