14 November 2006 15:02
Price Sensitive economic-financial results

The Board of Directors approved quarterly results as at September 30, 2006

Strong increase in revenue and profitability:

  • Value of production at EUR 15.26 million (up 16.93% on third quarter 2005)
  • Gross Operating Margin (EBITDA) at EUR 9.87 million (up 16.80% on third quarter 2005)
  • Operating Margin (EBIT) at EUR 9.46 million (up 15.09% on third quarter 2005)
  • Pre-tax result at EUR 7.20 million (EUR 7.36 million in the third quarter of 2005).

The Board of Directors of IGD S.p.A., a company listed on the STAR segment of the Italian Stock Exchange, operating in the retail real estate sector, approved third quarter 2006 results, and confirmed the positive performance recorded in the first nine months of the year.

Third quarter 2006 closed with a value of production of EUR 15.26 million, showing a strong increase of 16.93%, as compares to the EUR 13.05 million registered in the third quarter of 2005.

The gross operating margin (EBITDA) amounted to EUR 9.87 million, up 16.80% from the EUR 8.45 million as at September 30, 2005. The EBITDA margin, equalling 64.68% of the value of production, was basically in line with the figures recorded for the third quarter of 2005. Such effect is the result of the increase in revenues line deriving from the acquisition of fully-operating shopping centres and generation of economy of scale in the optimization of operational costs.

The operating margin (EBIT) was EUR 9.46 million, with considerable growth (+15.09%) over the EUR 8.22 million as at September 30, 2005.

The pre-tax result, EUR 7.20 million, is showing a slight drop in comparison to the figures recorded for the same period of last year (EUR 7.36 million), due to the increase of the financial charges deriving from financing IGD’s growth.

“In terms of turnover and profitability,” states Filippo Carbonari, CEO of IGD, “the positive results are even more significant when analyzed in relation to the context of increasing investments. These results confirm the Group’s strategic decisions, and also emphasize our main point of strength: the ability to optimize real estate properties by managing them well.”

The net financial debt stood at EUR 353.8 million, as compares to the EUR 218.7 million of June 30, 2006. This increase is mainly due to the acquisition of the CentroSarca in Milan.