28 September 2005 13:29
Price Sensitive economic-financial results

Board of Directors examines results for the first half of 2005

  • Production value at 26.1 million euros ( + 8.8%)
  • Gross Operating Margin at 16.6 million euros ( + 7.1%)
  • Operating Margin at 30.6 million euros ( + 20.0%)
  • Pre-tax result at 31.6 million euros ( + 36.3%)

The Board of Directors of IGD S.p.A., a company listed on the STAR segment of the Italian Stock Exchange which operates in the real estate sector of large-scale retail, met today in Bologna to review figures for the first half of the 2005 financial year, which confirmed a growth trend in keeping with projections.

Company turnover stood at approximately 26.1 million euros, up 8,8% compared to the figure of 24.0 million euros for the corresponding period last year.

The gross operating margin (EBITDA) stood at 16.6 million euros, up 7.1% over the figure of 15.5 million euros in 2004, while the operating profit (EBIT) showed a 20.0% increase, rising from 25.5 million euros to 30.6 million euros.

The company’s pre-tax result amounted to 31.6 million euros, compared to 23.2 million euros in 2004.

One should also note that the financial position of the IGD Group has considerably improved, passing from -191.7 million euros as at 31 December 2004 to -59.7 million euros in the first half of 2005, an improvement of 68.9%.

During the first half of 2005, the company was very active in both the area of property management and services.

It began work on the expansion of the Centro Leonardo (Imola) shopping centre in Bologna, and it is completing the expansion of Centro Borgo (Bologna), and signed two important letters of intent for the construction of a retail park in Mondovi (Cuneo) and a shopping centre in Guidonia (Rome).

In the area of services, IGD continued to expand its activity at both its own centres and those of third parties, for a total of over 150 shops.

“The first half of this year,” commented Filippo Carbonari, the Managing Director of IGD, “has confirmed the company’s great dynamism and its ability to achieve the objectives laid out in its industrial plan, both from a financial and from a business standpoint.”

“I’d like to emphasise once again,” Carbonari continued, “that in the first half of the year, the area of services has been very active, finalising contracts for over 150 shops, as proof that the market recognises us as having expertise that is fundamental in the creation/commercialization of shopping centres.”

The consolidated half-yearly statement of the IGC Group as at 30 June 2005 has been prepared in compliance with the provisions of art. 82 of the Issuers’ Regulations no. 11971/1999, as amended by Consob resolution no. 14990 of 14 April 2005, and in application of IAS no. 34, concerning interim financial reporting. The IGD Group has adopted IAS/IFRS starting in the 2005 financial year, with transition on 1 January 2004.