Exchange, operating in the retail real estate sector – examined today the figures of 2007 HY.

2007 HY closed with a value of production of € 36.23 million, up 26.01% compared to € 28.75 million of 2006 HY.

EBITDA was € 22.94 million, up 25.39% compared to 30 June 2006 (€ 18.29 million).

Real estate assets continue to grow, showing how value creation in the shopping centre sector is linked mainly to real estate assets’ profitability. In fact leasing revenue growth, on a like-for-like basis, was higher than the indexation to inflation rate. Hence the change in fair value was € 24.5 million higher than that one obtained in second half 2006, 17.52 million, and lower than that one obtained during the first half of the same year, 39.9 million . That’s why EBIT – € 47.29 million – and Net Profit – € 24 million – are down € 10.4 and € 8.8 million respectively.

Development activities continue, also anticipating almost all of the investments the new Business Plan provided for 2008. In keeping with the growth and the related capital collection aimed at its financing, the net financial position stood at € 237.6 million compared to € 338 million at December 2006. Igd cost of debt is particularly good having a interes rate lower than 4% for 90% of it completely hedged.

“The good results of the report in terms of revenue and operating result – stated Filippo Carbonari, CEO of IGD – confirm the validity of Igd’s business model, also due to the company’s focus on the Shopping Centre sector, assuredly less cyclical than other real estate sectors. In fact, in a phase of market-performance trend consolidation, value can be created mostly by actively managing the centres. And this is the reason Igd’s centres are so successful – Carbonari continued – and so we manage to achieve important but sustainable increases in operators’ rentals. Compared to the previous reference period, in this half their growth more than offset the inflation rate on a like-for-like basis.”