10 November 2005 15:11
Price Sensitive economic-financial results

Board of Directors examines third quarter results for 2005

  • Production value at €39.1 million ( + 4.8%)
  • Gross Operating Margin at €25 million ( + 4.8%)
  • Operating Margin at €38.8 million ( + 15.1%)
  • Profit of €22.3 million ( +24.1%)

The IGD Group’s production value is 39.1 million, up 4.8% compared to the same period in 2004; its gross operating margin is 25 million, showing a 4.8% improvement in profitability, and amounting to 63.9% of production value; its operating result is 38.8 million, up 15.1% compared to the third quarter of 2004; and the net profit for the group is 22.3 million, up 24.1% compared to the third quarter of 2004.

This is a summary of the primary figures from the third quarter of 2005 for IGD S.p.A.–a company listed on the S.T.A.R. segment of the Italian Stock Exchange, operating in the real estate sector of large-scale retail–which were examined and approved today in Bologna by the Board of Directors.

Revenue from sales stood at approximately 39.1 million, up 4,8% compared to the figure of 37.3 million for the corresponding period last year.

The gross operating margin (EBITDA) stood at 25 million, up 4.8% over the figure of 23.9 million for the third quarter of 2004, while the operating profit (EBIT) showed a 15.1% increase, rising from 33.7 million to 38.8 million.

The company’s pre-tax result amounted to 22.3 million, compared to 17.9 million in the same period of 2004.

Moreover, IGD has been seeing continued improvement in net debt, which in the third quarter of 2005 stood at 62.5 million, a considerable improvement compared to the figure of 191.7 million as at 31/12/2004.

“During the third quarter of 2005,” commented Managing Director Filippo Carbonari, “all company indicators have been very positive and show constant improvement. Starting from the beginning of the year, the company was very active, signing agreements for the development of new shopping centres, of which the last one for the acquisition of a urbanized area at Conegliano Veneto were a new shopping centre will be developed by 2008.”