FFO increases 22.8% in the first nine months of 2017
The results for the first nine months of 2017 show that the third quarter also benefitted from improvements in both operations and financial management, which led to a 74.1% increase in the Group’s net profit.
Core business EBITDA was up 7.7% in the first nine months of 2017, as a result of both a 10.7% increase in operating income, as well as continuous cost control.
The validity of the operational management is well summarized in the freehold EBITDA margin which reached 79.7% at 30 September 2017, an increase of 100 basis points compared to the first nine months of 2016.
The 22.8% increase in the FFO reflects the higher generation of operating cash flow and the benefits linked to the reduction in net financial expense.
Net financial debt amounted to €1,065.71 million at 30 September 2017, a drop of €11.05 million compared to year-end 2016: the gearing came to 0.96x.
| Core business EBITDA | € 75.9 mn | +7.7% |
| Frrehold EBITDA margin | 79.7% | +100 bps |
| Group net profit | € 64.7 mn | +74.1% |
| Funds From Operations (FFO) | € 49.0 mn | +22.8% |
| Loan-to-Value | 48.0% | < maximum of 50% |
| Core business revenues | € 103.4 mn | +6.1% |
