The BoD approves the Interim Management statement at 30 September 2015 and the Financial calendar 2013
INTERIM MANAGEMENT STATEMENT AT 30 SEPTEMBER 2012
Revenue rises in the first nine months of 2012 despite the uncertain environment and the drop in consumption
- Revenue from core business: €92.1 million (€89.8 million at 30 September 2011; +2.6%).
- Like-for-like revenue in Italy: €76.1 million (€75.5 million at 30 September 2011; +0.8%).
- Core business EBITDA: €64.6 million (€66.4 million at 30 September 2011)
- The Group’s portion of net profit: €16.1 million (€39.6 million at 30 September 2011,) explained primarily by the change in the properties’ fair value;
- Net financial debt: €1.090 billion (an improvement with respect to the € -1.095 billion posted at 30 June 2012)
- Gearing ratio:1.37(down with respect to the 1.39 recorded at 30 June 2012)
Today, in a meeting chaired by Gilberto Coffari, the Board of Directors of IGD -Immobiliare Grande Distribuzione SIIQ S.p.A. (“IGD”or the “Company”), listed on the STAR segment of the Italian Stock Exchange, examined and approved the Interim Management Statement at 30 September 2012.
“Despite the current complex phase, characterized by a very difficult business and financial environment, revenue from core business in the first nine months of 2012 rose by 2.6%: significant confirmation as to the validity of our strategic choices which seek to fuel sufficient traffic (+1.6% at 30/09) while focusing on the needs of our tenants in order to maintain the occupancy rates in our centers high; strategies which are also included in the 2012-2015 Business Plan that we presented at the beginning of October.” Claudio Albertini, Chief Executive Officer of IGD – Immobiliare Grande Distribuzione SIIQ S.p.A. stated.
Principal consolidated results at 30 September 2012
At 30 September 2012, the IGD Group’s revenue from core business amounted to €92.1 million, an increase of 2.6%with respect to the €89.8 million posted in the first nine months of 2011, due primarily to the positive impact of the new acquisitions made in 2011. More in detail, rental income at 30 September 2012 rose 2.8%, while revenue from services was basically unchanged with respect to 30 September 2011. With regard to total rental income, this figure at 30 September 2012 amounted to €88.2 million, an increase of 2.8% with respect to the first nine months of 2011 and of 0.8% like-for-like.
The IGD Group’s core business EBITDA at 30 September 2012 amounted to €64.6 million, versus €66.4 million at 30 September 2011, explained primarily by the increase in direct costs pertaining to the core business (including personnel expenses) which in the first nine months of 2012 reached €20.7 million, a rise of 22.2% with respect to the same period of the prior year. This change is primarily attributable to the increase in costs relating to IMU, 26% of the total direct costs, as well as the increase in provisions for doubtful accounts and maintenance. These costs amounted to 22.5% of revenue. General expenses for the core business (including payroll costs at headquarters), reached €6.9 million (€6.5 million in the first nine months of 2011). General expenses as a percentage of core business revenue reached 7.4%, unchanged with respect to the prior year.
EBITDA margin for the core business reached 70.1%versus 73.9% at 30 September 2011, due primarily to the more than proportional increase in direct costs with respect to revenue.
The IGD Group’s EBIT at 30 September 2012 amounted to €51.3million, versus €77.7 million at 30 September 2011. The change is explained primarily by the impact of property writedowns and fair value adjustments.
The tax burden, current and deferred, at 30 September 2012 amounted to €1.1 million (versus € -5.7 million in the first nine months of 2011), reflecting primarily the impact of the writedowns linked to fair value adjustments.
The Group’s portion of net profit at 30 September 2012 amounted to €16.1 million, versus €39.6 million in first nine months of 2011. As explained above, this change is due to the impact of property writedowns and fair value adjustments on EBIT, as well as the increase in financial charges.
Funds From Operations (FFO), which measures the cash flow generated by a company’s core business, fell from the €33 million recorded at 30 September 2011 to approximately €27.1 million at 30 September 2012.
At the end of the first nine months of 2012 the gearing ratio came in at 1.37 (an improvement with respect to the 1.39 recorded at 30 June 2012). The average cost of debt reached 4.2% at 30 September 2012, versus 4.3% at 30 June 2012.
The IGD Group’s net debtat 30 September 2012 amounted to €1.090 billion,an improvement with respect to the €1.095 billion recorded at 31 December 2011.
FINANCIAL EVENT CALENDAR FOR FY 2013[1]:
| Date | Body | Subject |
| 28 February | Board of Directors | Approval of the draft consolidated financial statements at 31 December 2012 |
| 18 April | Shareholders’ Meeting | On first call and 19 April on second call, approval of the financial statements at 31 December 2012 |
| 9 May | Board of Directors | Approval of the interim management statement at 31 March 2013 |
| 7 August | Board of Directors | Approval of the half-year financial report at 30 June 2013 |
| 7 November | Board of Directors | Approval of the interim management statement at 30 September 2013 |
Conference calls, the details of which will be announced subsequently, will be held with the financial community in order to present the results for each reporting period.
All of the documentation relating to the single events will be made available to the public at the company’s registered office, Borsa Italiana S.p.A.and on the website www.gruppoigd.it.
The market will be advised of any changes made to the calendar in a timely manner.
