14 May 2009 11:46
Price Sensitive economic-financial results

Quarterly results show double digit growth

  • Total revenues: €26.8 million (+27.5% versus first quarter 2008)
  • EBITDA: €17.1 million (+39.2% versus first quarter 2008)
  • Pre-tax profit: €9.1 million (+17.4% versus first quarter 2008)
  • Net debt: €860.99 million (compared to €733.9 million at December 31st, 2008)

 

The Board of Directors of Igd Siiq S.p.A., a company active in the retail real estate sector and listed on the Star segment of the Italian Stock Exchange, met today to examine the results for first quarter 2009 which show double digit growth of the key profitability indicators.

Claudio Albertini, Igd’s Chief Executive Officer stated: “The growth rates recorded in the quarter, with an EBITDA that outshines revenues, are testimony to IGD’s healthy position even in what continues to be a  challenging business environment, particularly the shopping mall segment”.

First quarter 2009 closes with revenues of €26.8 million (mn) (+27.5% over the €21.02 mn reported in the first quarter of the prior year). The increase in the top line reflects, above all, the inclusion in the perimeter of consolidation of the Romanian company Winmarkt Magazine SA, purchased at the end of April 2008, which contributed  €4.75 mn in the first quarter. First quarter 2009 revenues also benefited from the increased contribution for the entire year of the Le Fornaci mall in Beinasco, acquired by Rgd at the end of April 2008, which generated revenues in the quarter of €300,000 and the first contribution to revenues of the Gran Rondò mall in Crema, acquired on December 30th, 2008,  equal to  €880,000.

EBITDA amounts to €17.1 mn, an increase of 39.24% with respect to €12.2 mn in first quarter 2008. EBITDA margin shows significant improvement rising from 64.04% in first quarter 2008 to 68.79% in first quarter 2009.

EBIT comes in at €16.5 mn, rising 35.9% over the €12.2 mn reported in the same period in the prior year.

Pre-tax income totals €9.1 mn (€7.7 mn in first quarter 2008), after having absorbed net financial charges of €7.5 mn (€4.4 mn in first quarter 2008).

Taxes total €1.8 mn: net profit, therefore, comes in at €7.3 mn. In the 1Q 08 the taxes were not calculated because the implementation of SIIQ rules represented a lot of doubt.

Net debt  at March 31st, 2009 amounts to €860.99 mn, compared to €733.90 mn at December 31st, 2008. The gearing ratio (debt to equity ratio) therefore rises from 0.99x at the end of 2008 to 1.15x. The change in net debt reflects the need for resources to finance the intense development in the period, as well as the need to cover the increased net working capital which rose from €42.7 mn at year-end 2008 to €74.4 mn at March  31st, 2009. The gearing ratio of 1.15x is still not close to the top part of the range, 1.5x, provided for in the 2008-2012 business plan.

The CEO concluded by commenting: “The growth in the first quarter is above all due to the contribution of  Winmarkt Magazine which in first quarter 2008 had yet to be acquired. Going forward the commercial centers opened in the first part of 2009 in Guidonia and Catania will provide us with new revenues against structural costs a large part of which we have already been sustaining for some time.  We are confident  – Albertini continued –  that during the year, despite the persistently difficult business scenario, we will be able report more satisfying results in terms of both growth and profitability”.

IGD’s Board of Directors also approved the merger by incorporation in Igd Immobiliare Grande Distribuzione Siiq S.p.A. of the wholly owned subsidiary Nikefin Asti S.r.l., owner of the real estate in the process of being completed which will house the shopping mall and retail park in  Asti expected to open in the second half of the year.