13 May 2010 13:36
Price Sensitive economic-financial results

The Board of Directors approves the Interim Management Statement as at 31 March 2010

Results showing growth in first quarter 2010:

  • Total revenues: €29.90 million (an increase of 11.53% with respect to the €26.81 million recorded at 31 March 2009)
  • EBITDA: €20.10 million (an increase of 17.74% with respect to the €17.07 million recorded at 31 March 2009)
  • EBITDA MARGIN: 71.58% (a rise of 4.71% compared to the 68.36% reported at 31 March 2009)
  • EBIT: €19.62 million (an increase of 18.64% with respect to the €16.54 million recorded at 31 March 2009)
  • Net profit: €8.46 million (an increase of 15.89% with respect to the €7.30 million recorded at 31 March 2009)
  • Net debt amounts to €1.029 billion (compared to €1.027 billion at 31 December 2009)

 

Today the Board of Directors of IGD – Immobiliare Grande Distribuzione SIIQ S.p.A., a company active in the retail real estate sector and listed on the Star segment of the Italian Stock Exchange examined and approved the Intermediate Management Statement at 31 March 2010 which shows revenues of €29.90 million (+11.53% with respect to first quarter 2009) and a profit in the period of €8.46 million (+15.89% with respect to first quarter 2009) in a meeting chaired by Gilberto Coffari.

Principal Results at 31 March 2010

The IGD Group generated total revenues at 31 March 2010 of €29.90 million, an increase of 11.53% with respect to the €26.81 million recorded in 2009 This increase is primarily due to the new openings made in 2009. More in detail, the most significant growth came from the Group’s core business, the rental business, where revenues rose 12.03% with respect to the same period in 2009. Revenues from services rose 21.69% with respect to the same period in 2009 to €1.12 million.

The IGD Group’s EBITDA at 31 March 2010 amounted to €20.10 million, an increase of 17.74% with respect to the €17.07 million reported at 31 March 2009.

The Ebitda margin, (EBITDA as a percentage of operating revenues), rose 4.71% from the 68.36% reported in first quarter 2009 to 71.58%.

Direct costs, including direct personnel expense, rose 1.93% with respect to the same period in the prior year to €5.82 million, an increase that is less than proportional to the increase in income from the rental business. General expenses, including payroll costs at headquarters, dropped slightly on the same period in the prior year to €2.23 million.

The IGD Group’s EBIT at 31 March 2010 amounted to €19.62 million, an increase of 18.64% compared to the €16.54 million reported at 31 March 2009.

Tax, both current and deferred, totalled €1.30 million at 31 March 2010, reflecting a tax rate of 13.39%.

The Group’s consolidated net profit at 31 March 2010 rose 15.89% with respect to the €7.30 million recorded at 31 March 2009 to €8.46 million. This increase is primarily attributable to the increase in revenues following the new openings in 2009.

The Funds from Operations (FFO) 1 , a significant indicator used to value the performance of real estate investment trusts, rose from €8.86 million at 31 March 2009 to €9.89 million at 31 March 2010, an increase of 11.63%.

The IGD Group’s net debt at 31 March 2010 amounted to €1.029 billion, largely unchanged with respect to 31 December 2009 when it was €1.027 billion.

“We are very satisfied with the excellent results achieved by the Group in the first quarter of 2010, a period which was still difficult due to the persistent uncertainties and risks linked to the unfavourable global market conditions, particularly with regard to the financial markets and the continuous drop in consumption which significantly impacts both the Italian and the international real estate sectors” stated Claudio Albertini, Chief Executive Officer of IGD – Immobiliare Grande Distribuzione SIIQ S.p.A.. “In 2010 the IGD Group intends to continue with its development plan which calls for the acquisition of two new shopping centers (Palermo and Conegliano Veneto), as well as the repositioning of the existing portfolio and the advancement of the investments in the pipeline”.

IGD’s Board of Directors also approved the project of merger by incorporation in Igd Immobiliare Grande Distribuzione Siiq S.p.A. of the subsidiary Faenza Sviluppo – Area Marcucci S.r.l., owner of the shopping center Le Maioliche in Faenza.