Strong growth in net profit thanks to the improved operating performance and the positive impact of the changes in fair value
After the record results for 2016 and the encouraging results posted at 31 March 2017, IGD’s results at 30 June 2017 show an acceleration in the growth of the core business EBITDA in the second quarter of 2017 compared to the first.
Core business EBITDA was up 6.9% in the half, driven by a 6.0% increase in operating income, while careful control of operating costs continued.
The effective commercial and asset management initiatives caused the freehold EBITDA margin to climb to 79.5%, an increase of 90 basis points on the first half of 2016.
The 17.8% increase in the FFO reflects the higher generation of operating cash flow and the benefits linked to the reduction in net financial expense.
Net financial debt amounted to €1,076.8 million at 30 June 2017, a marginal change (+2.0%) compared to the €1,055.4 million recorded at the end of 2016: the gearing came to 0.98x.
| Core business EBITDA | € 50.0 mn | +6.9% |
| Freehold EBITDA margin | 79.5% | +90 bps |
| Group net profit | € 48.9 mn | +84.6% |
| Funds From Operations (FFO) | € 31.9 mn | +17.8% |
| Loan-to-Value | 48.5% | < maximum of 50% |
| Core business revenues | € 71.6 mn | +6.0% |
Share
