23 March 2006 15:52
Price Sensitive economic-financial results

2005 results approved by the Board of Directors

  • Value of production at € 53.2 million
  • EBITDA at € 33.2 million
  • EBIT at € 66.4 million
  • Profits at € 81.7 million

The Board of Directors of IGD S.p.A., a company listed on the stock exchange, operating in the retail real estate sector, met today in Bologna and approved the 2005 results, which proved to be in keeping with forecasts disclosed in recent presentations made to the financial community.

Specifically, value of production reached € 53.2 million, with a growth of approximately 3.9% compared to the € 51.2 million as at 31.12.2004.

The gross operating margin (EBITDA) stood at € 33.2 million, up by 1.8% compared to € 32.6 million in 2004, while operating profit (EBIT) recorded a 36.3% increase, going from € 48.7 million to € 66.4 million.

IGD decided to implement the Italian Fiscal Law n° 266/2005 that allows to revaluate the portfolio assets applying a 12% tax rate. As a consequence, the net profits for the company totalled € 81.7 million compared to the € 26 million for 2004.

The Board of Directors also proposed a dividend distribution equal to € 0.022 per share (+10% compared to 2004) to the Shareholders’ Meeting, which will be held on 27 April 2006. Coupon detachment will take place on Monday 15th May 2006 and payment on Thursday 18th may 2006.

The company’s net financial position stood at – € 116.6 million, a distinct improvement compared to the – € 191 million registered during the same period in 2004.

It is also worth noting that the market value of IGD’s real estate assets increased significantly, going from € 568.2 million in 2004 to € 646.6 million at the end of 2005. This revaluation is a confirmation that the activities carried out by the company to constantly improve its centres are creating new value for its shareholders and for the centres’ clients.

The Board of Directors also approved a merger project to incorporate Gescom – already 100% owned by IGD. This operation will lead to greater efficiently resulting from a single organisational structure.